Question: cost of materials issuances under the fifo method an incomplete...
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.
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.
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|
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.