FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
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 V
2,080 V
180 V
10 V
1,800
2,110 x
150 V
10 V
1,500 v
102
290
May 10
32
120
12
May 21
150
10
1,500
120
12 V
1,440 V
115
170
1,740 V
May 27
100
12
1,200
Feedback
b. Determine the materials inventory balance at the end of May.
1,200 V
Feedback
c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank.
Work in Process
3,850 X
Materials
3,850 X
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Transcribed Image Text: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 V 2,080 V 180 V 10 V 1,800 2,110 x 150 V 10 V 1,500 v 102 290 May 10 32 120 12 May 21 150 10 1,500 120 12 V 1,440 V 115 170 1,740 V May 27 100 12 1,200 Feedback b. Determine the materials inventory balance at the end of May. 1,200 V Feedback c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Work in Process 3,850 X Materials 3,850 X
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