Final Question Cost of materials issuances under the FIFO method Instructions Chart of Accounts Materials Inventory Journal Instructions An incomplete subsidiary lodger of materials inventory for May is as follows: RECEIVED ISSUED Receiving Materials Report Unit Requisition Number Quantity Price Number Quantity Amount BALANCE Unit Price Date Amount Quantity 295 $30.40 $8.968 40 137 $31.20 May May 4 May 10 May 21 91 364 44 106 38.50 97 105 May 27 Required: A Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dodar. B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar 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 account itine Rund unr anere in the name war De Ne gewirtsching D. Explain how the materiais landger might be used as an alth maintaining inventory quarter on hand. Chart of Accounts CHART OF ACCOUNTS General Ledger ASSETS REVENUE 410 Sales 110 Cash 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable 131 Materials 132 Work in Process 133 Factory Overhead 134 Finished Goods EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Seling Expenses 532 Insurance Expense 533 Utilities Expense 534 Office Supplies Expense 540 Administrative Expenses 560 Depreciation Expense-Factory 141 Supplies 142 Prepaid Insurance 143 Prepaid Expenses 181 Land 181 Land 191 Factory 192 Accumulated Depreciation Factory 560 Depreciation Expense Factory 590 Miscellaneous Expense 710 Interest Expense LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 241 Lease Payable 251 Wapes Payable 252 Consultant Fees Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Materials Inventory A Complete the materials issuances and balances for the materials subsidiary Medger under FIFO. Round your unt price answers to two decimal places and tinat answers to the RECEIVED ISSUED BALANCE Receiving Report Number Unit Price Materials Requisition Number Quantity Unit Price Quantity Amount Date Quantity 295 May 1 $30.40 May 4 40 137 $31.20 91 364 May 10 May 21 44 106 38.50 97 105 May 27 B. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar Materials Inventory and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and trial answers to the newest do ISSUED BALANCE Materials Requisition Number Quantity Quantity May 1 295 May 4 Amount Date Unit Price Amount $30,40 $8058 o 91 364 May 10 0 May 21 97 105 May 27 balance at the end of May. Round your answer to the nearest dollar Journal C. Joumalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account to Hound your answers to the nearest dollar NE JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DERIT CREDIT ASSETS LIABILITIES EUR Final Question D. Explain how the materials tedger might be used as an aid in maintaining inventory quantities on hand. Comparing as reported in the materials ledger with predetermined order points enables management to order materials before causes idle time Previous Next