Cost of materials issuances under the FIFO method Instructions Chart of Accounts Materials Inventory Journal Final Question Instructions An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED Receiving Report Number Materials Requisition Number Unit Price Quantity Price Quantity Amount Date Quantity 135 $31.20 107 38.10 Required: A. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit proe answers to two decimal places and final answers to the nearest dollar B. Determine the materials inventory balance at the end of May Hound your answer to the nearest dolar C. Journalire the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar D. Explain how the materials ieder might be used as an aid in maintaining inventory quantities on wid rt of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods 141 Supplies 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 560 Depreciation Expense-Factory 590 Miscellaneous Expense 710 Interest Expense 142 Prepaid Insurance 143 Prepaid Expenses 181 Land . 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wages Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Materials Inventory A Complete the materiaisances and balances for the materials subsidiary ed under FIFO. Round your un wers to the decimal places and final answers to the nearest dollar RECEIVED ISSUED BALANCE Receiving Report Number Materials Requisition Number Unit Price Quantity Quantity Amount Unit Price Amount $30.40 007 40 135 $3120 3 91 362 $ 44 907 38.10 97 103 8. Determine the materials inventory balance at the end of May Round your answer to the nearest dollar Journal C. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of accounts. Round your answers to the nearest dollar PAGE 1 ACCOUNTING EQUATION JOURNAL CREDIT ASSETS LIABILITIES EQUITY