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 | ||
May 1 | 400 | $8 | $3,200 | ||||||||
25 | 280 | $10 | May 4 | ||||||||
105 | 450 | $ | May 10 | ||||||||
31 | 190 | 12 | May 21 | ||||||||
118 | 270 | May 27 |
b. Determine the materials inventory balance at
the end of May.
$
c. Journalize the summary entry to transfer materials to work in process.
d. Comparing_______ as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)_____ causes idle time.
a.
Received | Issued | Balance | |||||||||
Receiving report number | Quantity | Unit Price | Amount | Material Requsition Number | Quantity | Unit Price | Amount | Date | Quantity | Unit Price | Amount |
1-May | 400 | $8 | $3,200 | ||||||||
25 | 280 | $10 | $2,800 | 4-May | 400 | 8 | 3200 | ||||
280 | 10 | 2800 | |||||||||
105 | 400 | 8 | 3200 | 10-May | 230 | 10 | 2300 | ||||
50 | 10 | 500 | |||||||||
31 | 190 | 12 | 2280 | 21-May | 230 | 10 | 2300 | ||||
190 | 12 | 2280 | |||||||||
118 | 230 | 10 | 2300 | 27-May | 150 | 12 | 1800 | ||||
40 | 12 | 480 | |||||||||
TOTAL | 470 | $5,080 | 720 | $ 6,480 |
So, Inventory balance @ end of may : 150 Units @ $ 12 => $ 1800.
b. The total value of issues materials as in above is $ 6480. The journal entry is:
Work-in-process Inventory a/c Dr | 6480 | |
To Raw material Inventory a/c | 6480 | |
(Being Material issued under Req. No 105 and 118) |
C. Comparing quantities on hand as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) lack of materials causes idle time.
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 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 May 1 280 $8 $2,240 25 200 $10 May 4 100 320 $ May 10 31 130 12 May 21 113 190 May 27 Feedback a. Calculate...
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 May 1 350 $5 $1,750 24 240 $7 May 4 103 400 $ May 10 30 160 9 May 21 116 230 May 27 b. Determine the...
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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 May 1 280 $8 $2,240 25 200 $10 May 4 100 320 $ May 10 31 130 12 May 21 113 190 May 27 b. Determine the...
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