Question

4 Problems - CH.16 - EX17-3, EX17-4, EX17-5, EX17-7, & EX17-8.pdf (399 KB) Chapter 17 Joo Uroer Cosung 017 OBJ. 2 b. $2,280 EX 17-3 Cost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Report Number Quantity Unit Price Materials Requisition Number Unit Price Amount $30.00 $8,550 130 $32.00 Quantity Amount Date Quantity May 1 285 May 4 May 10 May 21 100 May 27 365 110 38.00 a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. b. Determine the materials inventory balance at the end of May. Journalize the summary entry to transfer materials to work in process, d. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand. QB2 EX 17 4 Entry for issuing materials Materials issued for the current month are as follows: Remi Materiat us Next → -B 40 2:00 AM H

Answer 1

a.

Received			Issued			Ending Balance
Quantity	Unit Price	Amount	Units	Unit Price	Amount	Units	Unit Price	Amount
						285	30	8550
130	32	4160				285	30	8550
						130	32	4160
			285	30	8550
			80	32	2560	50	32	1600
110	38	4180				50	32	1600
						110	38	4180
			50	32	1600
			50	38	1900	60	38	2280

b. Material ending balance at end of May = $2280

c.

Account Titles	Debit	Credit
Work in Process Inventory	$          14,610
Raw Material Inventory		$              14,610

d. Material Ledger helps the management to know current level of inventory in hand, how much is left after issuing the inventory.
Management can order inventory before inventory runs out

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