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

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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	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 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.

business accounting

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Answer 1

Answer #1

a. Received Balance Receiving Unit Issued Materials Requisition Quantity Amount Number Date Amount Report Number Quantity Par

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