An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 280 $29.90 $8,372 40 131 $32.50 May 4 91 371 May 10 44 114 37.80 May 21 97 100 May 27 Required: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. b. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. c. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your answers to the nearest dollar.
An incomplete subsidiary ledger of materials inventory for May is as follows: RECEIVED ISSUED BALANCE Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 280 $29.90 $8,372 40 131 $32.50 May 4 91 371 May 10 44 114 37.80 May 21 97 100 May 27 Required: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. b. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. c. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your answers to the nearest dollar.
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...
Related questions
Question
An incomplete subsidiary ledger of materials inventory for May is as follows:
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RECEIVED
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ISSUED
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BALANCE
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Receiving
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Materials
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Report
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Unit
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Requisition
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Unit
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Number
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Quantity
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Price
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Number
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Quantity
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Amount
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Date
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Quantity
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Price
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Amount
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| May 1 | 280 | $29.90 | $8,372 | ||||||
| 40 | 131 | $32.50 | May 4 | ||||||
| 91 | 371 | May 10 | |||||||
| 44 | 114 | 37.80 | May 21 | ||||||
| 97 | 100 | May 27 | |||||||
Required:
| a. | Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. |
| b. | Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. |
| c. | Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Round your answers to the nearest dollar. |
| d. | Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand. |
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