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 1 310 $9 $2,790 27 220 $11 May 4 fill in the blank 0fee43fc4fc8fc9_1 fill in the blank 0fee43fc4fc8fc9_2 fill in the blank 0fee43fc4fc8fc9_3 fill in the blank 0fee43fc4fc8fc9_4 fill in the blank 0fee43fc4fc8fc9_5 fill in the blank 0fee43fc4fc8fc9_6 102 350 $fill in the blank 0fee43fc4fc8fc9_7 May 10 fill in the blank 0fee43fc4fc8fc9_8 fill in the blank 0fee43fc4fc8fc9_9 fill in the blank 0fee43fc4fc8fc9_10 33 150 13 May 21 fill in the blank 0fee43fc4fc8fc9_11 fill in the blank 0fee43fc4fc8fc9_12 fill in the blank 0fee43fc4fc8fc9_13 fill in the blank 0fee43fc4fc8fc9_14 fill in the blank 0fee43fc4fc8fc9_15 fill in the blank 0fee43fc4fc8fc9_16 115 210 fill in the blank 0fee43fc4fc8fc9_17 May 27 fill in the blank 0fee43fc4fc8fc9_18 fill in the blank 0fee43fc4fc8fc9_19 fill in the blank 0fee43fc4fc8fc9_20 b. Determine the materials inventory balance at the end of May. $fill in the blank 35183d04a02c01d_1 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. - Select - - Select - - Select - - Select - d. Comparing as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) causes idle time.

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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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	310	$9	$2,790
27	220	$11				May 4	fill in the blank 0fee43fc4fc8fc9_1	fill in the blank 0fee43fc4fc8fc9_2	fill in the blank 0fee43fc4fc8fc9_3
							fill in the blank 0fee43fc4fc8fc9_4	fill in the blank 0fee43fc4fc8fc9_5	fill in the blank 0fee43fc4fc8fc9_6
			102	350	$fill in the blank 0fee43fc4fc8fc9_7	May 10	fill in the blank 0fee43fc4fc8fc9_8	fill in the blank 0fee43fc4fc8fc9_9	fill in the blank 0fee43fc4fc8fc9_10
33	150	13				May 21	fill in the blank 0fee43fc4fc8fc9_11	fill in the blank 0fee43fc4fc8fc9_12	fill in the blank 0fee43fc4fc8fc9_13
							fill in the blank 0fee43fc4fc8fc9_14	fill in the blank 0fee43fc4fc8fc9_15	fill in the blank 0fee43fc4fc8fc9_16
			115	210	fill in the blank 0fee43fc4fc8fc9_17	May 27	fill in the blank 0fee43fc4fc8fc9_18	fill in the blank 0fee43fc4fc8fc9_19	fill in the blank 0fee43fc4fc8fc9_20

b. Determine the materials inventory balance at the end of May.
$fill in the blank 35183d04a02c01d_1

c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.

		- Select -	- Select -
		- Select -	- Select -

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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