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

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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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