Job Costing eBook Print Item 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 Unit Unit Receiving Report Number Quantity Materials Requisition Number Quantity Amount Date Quantity Amount Price price May 1 330 $8 $2,640 27 230 $10 May 4 330 8 2,640 230 10 2,300 107 370 May 10 10 33 160 12 May 21 10 160 12 1,920 120 220 May 27 12 Feedback b. Determine the materials inventory balance at the end of May. $ Feedback C. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Work in Process Materials