OBJ. 2 EX 17-3 Cost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Roport Number Quantity Materials Unit Requisition Price 1 Number Quantity Amount Quantity 285 Unit Price Amount $30.00 $8,550 130 110 $32.00 38.00 Date May 1 May 4 May 10 May 21 May 27 91 365 97100 a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process. d. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand. EX 17-4 Entry for issuing materials Materials issued for the current month are as follows: Requisition No. Material Job No. 201 Aluminum 500 202 Plastic 503 203 Rubber 504 Indirect 205 Journalive the entry to record the issuance of materials. Amount $88.700 27,600 3.650 2.250 38,750 204 Glue Steel 510 Journalize the entry to record the factory labor costs, EX 17-7 Entry for factory labor costs The weekly time tickets indicate the following distribution of labor hours for three direct labor employees: Process Jeb 302 Job 10) Improvement Tom Couro David Clancy Jose Cano The direct labor rate earned per hour by the three employees is as follows: Tom Couro David Clancy Jose Cano The process improvement category includes training, quality improvement, and other indirect tasks. a. Journalize the entry to record the factory labor costs for the week. b. Assume that Jobs 301 and 302 were completed but not sold during the week and that Job 303 remained incomplete at the end of the week. How would the direct labor costs for all three jobs be reflected on the financial statements at the end of the Week EX 17-8 Entries for direct labor and factory overhead 08. 2 Dash Industries Inc, manufactures recreational vehicles. Dash uses a job order cost system. The time tickets from April jobs are summarized as follows: Job 201 $5,250 Job 202 6,100 Job 203 4280 Job 204 5.620 Factory supervision 2.785 Factory overhead is applied to job on the basis of u predetermined overhead tate of $25 per direct labor hour. The direct labor rate is $50 per hour. a. Journalize the entry to record the factory labor costs. b. Journalize the entry to apply factory overhead to production for April