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 May is as follow Feedback Check My Work b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each dif

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Answer 1

Answer #1

a) Material ledger

Receiving report No	Quantity	Unit price	Material requisition Number	Quantity	Amount	Date	Quantity	Unit price	Amount
						May 1	370	5	1850
27	260	7				May 4	370	5	1850
							260	7	1820
			103	420	2200	May 10	210	7	1470
33	170	9				May 21	210	7	1470
							170	9	1530
			116	250	1830	May 27	130	9	1170

Material inventory = $1170

Journal entry

Work in process (2200+1830)	4030
Material		4030

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

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