Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: Balance a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Issued Receiving Materials Unit Report Quantity Requisition Quantity Amount Date Price Number Number Amount Quantity Unit price Amount May 1 220 $8 $1,760 26 150 $10 May 4 220 8 1,760 150 10 1,500 107 250 O May 10 10 32 100 12 May 21 10 100 12 1,200 120 150 May 27 12 Feedback Check My Work b. Determine the materials inventory balance at the end of May. Feedback Check My Work blank. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave Work in Process 38 Materials