Calculator Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory...

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Calculator Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May i

D om Cengage Learning Receiving Report Quantity Unit Number Price Materials Requisition Number Quantity Amount Date Quantity

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Answer 1

Answer #1

a)

Received			Issued				Balance
Receiving report number	Quantity	Unit Price	Materials Requisitions Number	Quantity	Unit Price	Amount	Date	Quantity	Unit Price	Amount
							May. 01	200	$7	$1,400
22	140	$9					May. 04	140	$9	$1,260
			103	200	$7	$1,400	May. 10
				30	$9	$270
								110	$9	$990
28	90	$11					May. 21	90	$11	$990

			116	110	$9	$990	May. 27
				20	$11	$220		70	$11	$770

______________________________________________________________________

b)

Compute the material inventory balance at the end of may:

70 units $\times$ $11 = $770

____________________________________________________________________

c)

Prepare journal entries as follows:

Date	General Journal	Debit	Credit
May. 31	WIP Inventory	$2,880
	Raw material inventory		$2,880
	($1400+$270+$990+$220)

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1. Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory...

Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...

Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...

Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...

Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...

Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...

Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...

Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...

Calculator Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory...

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