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 1 320 $8 $2,560 27 220 $10           May 4 fill in the blank 96e897097f99fe6_1 fill in the blank 96e897097f99fe6_2 fill in the blank 96e897097f99fe6_3                   fill in the blank 96e897097f99fe6_4 fill in the blank 96e897097f99fe6_5 fill in the blank 96e897097f99fe6_6         105 360 $fill in the blank 96e897097f99fe6_7   May 10 fill in the blank 96e897097f99fe6_8 fill in the blank 96e897097f99fe6_9 fill in the blank 96e897097f99fe6_10 33 150 12           May 21 fill in the blank 96e897097f99fe6_11 fill in the blank 96e897097f99fe6_12 fill in the blank 96e897097f99fe6_13                   fill in the blank 96e897097f99fe6_14 fill in the blank 96e897097f99fe6_15 fill in the blank 96e897097f99fe6_16         118 210 fill in the blank 96e897097f99fe6_17   May 27 fill in the blank 96e897097f99fe6_18 fill in the blank 96e897097f99fe6_19 fill in the blank 96e897097f99fe6_20 b.  Determine the materials inventory balance at the end of May.

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...
icon
Related questions
Question

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 1 320 $8 $2,560
27 220 $10           May 4 fill in the blank 96e897097f99fe6_1 fill in the blank 96e897097f99fe6_2 fill in the blank 96e897097f99fe6_3
                  fill in the blank 96e897097f99fe6_4 fill in the blank 96e897097f99fe6_5 fill in the blank 96e897097f99fe6_6
        105 360 $fill in the blank 96e897097f99fe6_7   May 10 fill in the blank 96e897097f99fe6_8 fill in the blank 96e897097f99fe6_9 fill in the blank 96e897097f99fe6_10
33 150 12           May 21 fill in the blank 96e897097f99fe6_11 fill in the blank 96e897097f99fe6_12 fill in the blank 96e897097f99fe6_13
                  fill in the blank 96e897097f99fe6_14 fill in the blank 96e897097f99fe6_15 fill in the blank 96e897097f99fe6_16
        118 210 fill in the blank 96e897097f99fe6_17   May 27 fill in the blank 96e897097f99fe6_18 fill in the blank 96e897097f99fe6_19 fill in the blank 96e897097f99fe6_20

b.  Determine the materials inventory balance at the end of May.

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Cost Sheet
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning