ost 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 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. $fill in the blank 37ef52fbb034028_1
ost 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 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. $fill in the blank 37ef52fbb034028_1
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter2: Accounting For Materials
Section: Chapter Questions
Problem 5P: Inventory costing methods The purchases and issues of rubber gaskets (Materials Ledger #11216) as...
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ost 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 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.
$fill in the blank 37ef52fbb034028_1
Expert Solution
Step 1
FIFO means, First In First Out.
Goods that are purchased first are sold first.
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