Cost of Materials Issuances Under the FIFO Method

An incomplete subsidiary ledger of materials inventory for May is as follows:

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a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.

Received				Issued				Balance
Receiving Report Number	Quantity	Unit Price		Materials Requisition Number	Quantity	Amount		Date	Quantity	Unit price	Amount
								May 1	230	$7	$1,610
22	160	$9						May 4	fill in the blank 9abee7044fc6fae_1	fill in the blank 9abee7044fc6fae_2	fill in the blank 9abee7044fc6fae_3
									fill in the blank 9abee7044fc6fae_4	fill in the blank 9abee7044fc6fae_5	fill in the blank 9abee7044fc6fae_6
				104	260	$fill in the blank 9abee7044fc6fae_7		May 10	fill in the blank 9abee7044fc6fae_8	fill in the blank 9abee7044fc6fae_9	fill in the blank 9abee7044fc6fae_10
28	110	11						May 21	fill in the blank 9abee7044fc6fae_11	fill in the blank 9abee7044fc6fae_12	fill in the blank 9abee7044fc6fae_13
									fill in the blank 9abee7044fc6fae_14	fill in the blank 9abee7044fc6fae_15	fill in the blank 9abee7044fc6fae_16
				117	150	fill in the blank 9abee7044fc6fae_17		May 27	fill in the blank 9abee7044fc6fae_18	fill in the blank 9abee7044fc6fae_19	fill in the blank 9abee7044fc6fae_20

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b. Determine the materials inventory balance at the end of May. $fill in the blank 1dfd9efec02f069_1

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c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.

blank	CashFactory OverheadFinished GoodsMaterialsWork in Process	- Select -	- Select -
	CashFactory OverheadFinished GoodsMaterialsWork in Process	- Select -	- Select -

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d. Comparing

quantities on handmaterials cost

as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)

lack of materialsexcess of materials

causes idle time.