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.

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

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b$.$ Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.

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

Work in Process

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d$.$ Comparing quantities on hand as reported in the materials ledger with predetermined order points would enable management to

order materials before $a(n)$ lack of materials causes idle time.