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 BalanceReceiving Report NumberQuantityUnit Price Materials Requisition NumberQuantityAmount DateQuantityUnit priceAmount May 1220$9$1,98024150$11 May 4fill in the blank 4cd70efadfecfa8_1fill in the blank 4cd70efadfecfa8_2fill in the blank 4cd70efadfecfa8_3 fill in the blank 4cd70efadfecfa8_4fill in the blank 4cd70efadfecfa8_5fill in the blank 4cd70efadfecfa8_6 106250$fill in the blank 4cd70efadfecfa8_7 May 10fill in the blank 4cd70efadfecfa8_8fill in the blank 4cd70efadfecfa8_9fill in the blank 4cd70efadfecfa8_103010013 May 21fill in the blank 4cd70efadfecfa8_11fill in the blank 4cd70efadfecfa8_12fill in the blank 4cd70efadfecfa8_13 fill in the blank 4cd70efadfecfa8_14fill in the blank 4cd70efadfecfa8_15fill in the blank 4cd70efadfecfa8_16 119150fill in the blank 4cd70efadfecfa8_17 May 27fill in the blank 4cd70efadfecfa8_18fill in the blank 4cd70efadfecfa8_19fill in the blank 4cd70efadfecfa8_20

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b. Determine the materials inventory balance at the end of May. $fill in the blank 7402ee09f067009_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.

blankAccounts PayableCashFactory OverheadFinished GoodsMaterialsWork in ProcessWork in ProcessWork in ProcessWork in Process Accounts PayableCashFactory OverheadFinished GoodsMaterialsWork in ProcessMaterialsMaterialsMaterials

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d. Comparing

quantities on handmaterials costquantities on hand

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

lack of materialsexcess of materialsexcess of materials

causes idle time.