Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows Question Content Area 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 1 220 $5 $1,100 24 150 $7 May 4 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 100 250 $fill in the blank May 10 fill in the blank fill in the blank fill in the blank 30 100 9 May 21 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 113 150 fill in the blank May 27 fill in the blank fill in the blank fill in the blank b Determine the materials inventory balance at the end of May $ c Journalize the summary entry to transfer materials to work in process If an amount box does not require an entry, leave it blank Accounts Payable Cash Factory Overhead Finished Goods Materials Work in Process $ $ Accounts Payable Cash Factory Overhead Finished Goods Materials Work in Process $ $ d Comparing (quantities on hand materials) cost as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) (lack of materials excess of materials) causes idle time

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Sep 03, 2024

Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: Question Content Area a. Complete

Cost of Materials Issuances Under the FIFO Method

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

Question Content Area

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	220	$5	$1,100
24	150	$7				May 4	fill in the blank	fill in the blank	fill in the blank
							fill in the blank	fill in the blank	fill in the blank
			100	250	$fill in the blank	May 10	fill in the blank	fill in the blank	fill in the blank
30	100	9				May 21	fill in the blank	fill in the blank	fill in the blank
							fill in the blank	fill in the blank	fill in the blank
			113	150	fill in the blank	May 27	fill in the blank	fill in the blank	fill in the blank

b. Determine the materials inventory balance at the end of May. $_______

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

	Accounts Payable/Cash/Factory Overhead/Finished Goods/Materials/Work in Process	$	$
	Accounts Payable/Cash/Factory Overhead/Finished Goods/Materials/Work in Process	$	$

d. Comparing _______ (quantities on hand/materials) cost as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) ________ (lack of materials/excess of materials) causes idle time.