4Cost of Materials IssuancesSostBravo Wire Enterprises is a manufacturer of electrical conductors. The following incomplete subsidiary ledger is for wire cable during July:a. Complete the materials issuances and balances for the wire cable subsidiary ledger. Assume a first-in, first-out cost flow.ReceivedReceivingIssuedMaterialsReport ReceivedNumberReceivedQuantity Unit PriceRequisitionNumberIssuedQuantityIssuedBalanceBalanceAmountDateQuantityBalanceAmountBalanceUnit PriceJuly 1200$1,20023140$8July 5200 V1,200104230July 10July 202990$10117b. Determine the balance of wire cable at the end of July.10130July 2610c. Determine the total amount of materials transferred to Work in Process for July.Check My WorkQ Search329 PLA1/31/2024844

Part a: Complete the materials issuances and balances Ledger Entries:DateReceipt Report No.Quantity…

Answered: 4 Cost of Materials Issuances Sost…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter2: Job Order Costing

Section: Chapter Questions

Problem 3E: Cost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials...

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Bravo Wire Enterprises is a manufacturer of electrical conductors. The following incomplete subsidiary ledger is for wire cable during July: a. Complete the materials issuances and balances for the wire cable subsidiary ledger. Assume a first-in, first-out cost flow. Received Receiving Issued Materials Report Number Received Received Quantity Unit Price Requisition Number Issued Issued Balance Balance Balance Quantity Amount Date Quantity July 1 125 Amount $750 Balance Unit Price $ 6.00 309 200 $7.00 July 5 7401 240 July 10 422 400 $8.00 July 20 7639 325 July 26 b. Determine the balance of wire cable at the end of July. c. Determine the total amount of materials transferred to Work in Process for July. 100000 000000 000000
< CDOOR a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Received Receiving Report Number Received Quantity Received Unit Price Issued Materials Requisition Number Balance Issued Quantity Issued Balance Balance Unit Balance Amount Date Quantity price Amount May 1 230 $8 $1,840 27 160 $10 May 4 104 260 33 110 12 117 150 b. Determine the materials inventory balance at the end of May. A May 10 May 21 May 27 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. d. Comparing causes idle time. as reported in the materials ledger with predetermined order points would enable management to order materials before a(n)
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 ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 220 $5 $1,100 24 150 $7 May 4 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 100 250 $fill in the blank May 10 fill in the blank fill in the blank fill in the blank 30 100 9 May 21 fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank fill in the blank 113 150 fill in the blank May 27 fill in the blank fill in the blank fill in the blank b. Determine the materials inventory balance at the end of…
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 Receiving Report Number 40 44 Quantity 130 d. Comparing 110 Unit Price $32.00 38.00 Materials Requisition Number 91 97 b. Determine the materials inventory balance at the end of May. Issued Quantity 365 100 Amount Date May 1 May 4 May 10 May 21 May 27 Quantity 285 Balance c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave blank. 88 Unit price $30.00 Amount $8,550 as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
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 Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Ar Price price Number Number May 1 285 $30.00 40 130 $32.00 May 4 91 365 Маy 10 May 21 44 110 38.00 May 27 97 100 Feedback, Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. Previous Next JUU %24
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 Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity price Amount May 1 350 $8 $2,800 21 240 $10 May 4 107 400 May 10 27 160 12 May 21 120 230 May 27 b. Determine the materials inventory balance at the end of May. $4 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. 88 d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
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 Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 300 $9 $2,700 26 210 $11 May 4 300 2,700 107 340 $ May 10 32 140 13 May 21 120 200 May 27 b. Determine the materials inventory balance at the end of May. $4 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
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 ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 285 $30.00 $8,550 40 130 $32.00 May 4 fill in the blank b6beca03afc4fb5_1 fill in the blank b6beca03afc4fb5_2 fill in the blank b6beca03afc4fb5_3 fill in the blank b6beca03afc4fb5_4 fill in the blank b6beca03afc4fb5_5 fill in the blank b6beca03afc4fb5_6 91 365 $fill in the blank b6beca03afc4fb5_7 May 10 fill in the blank b6beca03afc4fb5_8 fill in the blank b6beca03afc4fb5_9 fill in the blank b6beca03afc4fb5_10 44 110 38.00 May 21 fill in the blank b6beca03afc4fb5_11 fill in the blank b6beca03afc4fb5_12 fill in the blank…
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 Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number May 1 260 $8 $2,080 26 180 $10 May 4 260 8 2,080 180 10 1,800 102 290 2,110 Мay 10 180 10 32 120 12 May 21 180 10 12 115 170 May 27 12 b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.
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 ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 360 $8 $2,880 22 250 $10 May 4 101 410 $ May 10 28 170 12 May 21 114 240 May 27 b. Determine the materials inventory balance at the end of May.$ c. Journalize the summary entry to transfer materials to work in process. d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.
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 ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 285 $30.00 $8,550 40 130 $32.00 May 4 fill in the blank 6b5d28043011031_1 fill in the blank 6b5d28043011031_2 fill in the blank 6b5d28043011031_3 fill in the blank 6b5d28043011031_4 fill in the blank 6b5d28043011031_5 fill in the blank 6b5d28043011031_6 91 365 $fill in the blank 6b5d28043011031_7 May 10 fill in the blank 6b5d28043011031_8 fill in the blank 6b5d28043011031_9 fill in the blank 6b5d28043011031_10 44 110 38.00 May 21 fill in the blank 6b5d28043011031_11 fill in the blank 6b5d28043011031_12 fill in the blank…
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 ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 360 $6 $2,160 21 250 $8 May 4 fill in the blank 77c1e905afbc076_1 fill in the blank 77c1e905afbc076_2 fill in the blank 77c1e905afbc076_3 fill in the blank 77c1e905afbc076_4 fill in the blank 77c1e905afbc076_5 fill in the blank 77c1e905afbc076_6 102 410 $fill in the blank 77c1e905afbc076_7 May 10 fill in the blank 77c1e905afbc076_8 fill in the blank 77c1e905afbc076_9 fill in the blank 77c1e905afbc076_10 27 170 10 May 21 fill in the blank 77c1e905afbc076_11 fill in the blank 77c1e905afbc076_12 fill in the blank 77c1e905afbc076_13…

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