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. Received Issued Balance Receiving Report Number Unit Price Materials Requisition Number Unit price Quantity Quantity Amount Date Quantity Amount May 1 285 $30.00 58,550 40 130 $32.00 May 4 285 30 8,550 130 32 4,160 91 365 May 10 50 32 1,600 44 110 38.00 May 21 50 32 1,600 110 38 4,180 97 100 May 27 60 38 2,280 Feedback Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. b. Determine the materials inventory balance at the end of May