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 PIFO. Received Issued Receiving Materials Unit Report Quantity Price Requisition Quantity Amount Date Number Number Balance Quantity Unit price Amount May 1 300 $7 $2,100 2.100 23 210 $9 9 May 4 300 103 340 May 10 TIIII. 29 140 11 May 21 116 200 May 27 Feedback b. Determine the materials inventory balance at the end of May. Feedback c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.