Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May 's as follows: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Balance Materials Receiving Report Unit Quantity Requisition Quantity Amount Unit Price Date Quantity Amou Number Number price May 1 260 $9 $2,34 22 180 $11 May 4 108 290 May 10 28 120 13 May 21 121 170 May 27 b. Determine the materials inventory balance at the end of May. . Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before an) causes idle time Clear All Process cost system Overapplied overhead Job order cost system Typically used by companies whose products are indistinguishable from each other Finished goods ledger Stock ledger Materials ledger Applied overhead is less than actual overhead incurred Underapplied overhead