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	280	$8	$2,240
25	200	$10				May 4

			100	320	$	May 10
31	130	12				May 21

			113	190		May 27

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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.
$

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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.

	Work in Process

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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 a(n) causes idle time.

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Answer 1

Answer #1

a.

Received			Issued			Balance
Receiving Report Number	Quantity	Unit Price	Materials Requisition Number	Quantity	Amount	Date	Quantity	Unit Price	Amount
						May-01	280	$ 8	$ 2,240
25	200	$ 10				May-04	280	$ 8	$ 2,240
							200	$ 10	$ 2,000
			100	320	2640	May-10	160	$ 10	$ 1,600
31	130	$ 12				May-21	160	$ 10	$ 1,600
							130	$ 12	$ 1,560
			113	190	1960	May-27	100	$ 12	$ 1,200

b. Materials inventory balance at the end of May: $1200

c.

General Journal	Debit	Credit
Work in process	4600
Materials		4600

d. Comparing quantities on hand as reported in the materials ledger with pre-determined order points enables management to order materials before a lack of materials causes idle time.

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Answer 2

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