Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Balance Receiving Report Number Quantity Unit Price Materials Requisition Number Quantity Amount Date Quantity Unit price Amoun Amount May 1 350 $9 $3,150 23 240 $11 May 4 101 400 May 10 29 160 13 May 21 N 230 May 27 b. Determine the materials inventory balance at the end of May. Price JUDUL WHL VuIILILY Amount Number Number price 350 $9. $3,150 May 1 May 4 23 240 $11 101 400 May 10 20 160 13 Y21 114 230 May 27 b. Determine the materials inventory balance at the end of May. v c. Joumalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. as reported in the material ledger with predetermined order points would enable management to order materials before an) d. Compang causes idle time Check My Work Entries for Materials Kingsford Furnishings Company manufactures designer Furniture, Kingsford Furnishings uses a job order cost system. Balances on April 1 from the materials ledger are as follows: Fabric $26,100 Polyester filling 7,800 Lumber 58,500 Glue 2,500 The materials purchased during April on account are summarized from the receiving reports as follows: Fabric $127,900 Polyester filing 177,800 Lumber 350.400 Glue 12.200 Materials were requisitioned to individual jobs as follows: Fabric Polyester Filling Lumber Glue Total Job 601 $48,600 $61,200 $273,600 $163,800 143,400 37,400 247.400 Job 602 Job 603 66,600 45,200 34,500 79,700 159,400 Factory overhead indirect matenals $6,300 6,300 P1 31 con 6 A 7 Ch 16 Homework eBook Show Me How Calculator Job 602 66,600 37,400 34,500 143,400 79,700 247,400 159,400 Job 603 45.200 Factory overhead indirect materials $6,300 6,300 Total $120,500 $173,000 $336,900 $6,300 $686,700 The glue is not a significant cost, so it is treated as indirect materials (factory overhead). a. Journalize the entry to record the purchase of materials in April an amount box does not require an entry, leave blank a. b. Journalize the entry to record the requisition of materials in April an amount box does not require an entry, leave blank b. c. Determine the April 30 balances that would be shown in the material ledger accounts Fabric Polyester Filling Lumber Glue Balance, April 30 Previous >