CH 16 EXERCISES 3,4,8,10,14.15 eBook Calculator 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 Receiving Report Number Quantity Unit Price Materials Requisition Number Quantity Amount Date Quantity Unit price Amount 285 $30.00 $8,550 May 1 May 4 130 $32.00 91 365 $ May 10 May 21 110 38.00 100 May 27 Feedback Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity b. Determine the materials inventory balance at the end of May. Check My Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity C. Journalize the summary entry to transfer materials to work in process. Feedback Check My Work c. Increase work in process and decrease materials for the total of issuances found in Req, a d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before an) causes idle time. Feedback Check My Work d. What is the benefit of having materials as needed