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.
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.
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...
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Cost 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 | 285 | $30.00 | $8,550 | ||||||||
40 | 130 | $32.00 | May 4 | fill in the blank b6beca03afc4fb5_1 | fill in the blank b6beca03afc4fb5_2 | fill in the blank b6beca03afc4fb5_3 | |||||
fill in the blank b6beca03afc4fb5_4 | fill in the blank b6beca03afc4fb5_5 | fill in the blank b6beca03afc4fb5_6 | |||||||||
91 | 365 | $fill in the blank b6beca03afc4fb5_7 | May 10 | fill in the blank b6beca03afc4fb5_8 | fill in the blank b6beca03afc4fb5_9 | fill in the blank b6beca03afc4fb5_10 | |||||
44 | 110 | 38.00 | May 21 | fill in the blank b6beca03afc4fb5_11 | fill in the blank b6beca03afc4fb5_12 | fill in the blank b6beca03afc4fb5_13 | |||||
fill in the blank b6beca03afc4fb5_14 | fill in the blank b6beca03afc4fb5_15 | fill in the blank b6beca03afc4fb5_16 | |||||||||
97 | 100 | fill in the blank b6beca03afc4fb5_17 | May 27 | fill in the blank b6beca03afc4fb5_18 | fill in the blank b6beca03afc4fb5_19 | fill in the blank b6beca03afc4fb5_20 |
b. Determine the materials inventory balance at the end of May.
$fill in the blank 9f912005007afcd_1
c. Journalize the summary entry to transfer materials to work in process.
fill in the blank 6af1cb06af8cfae_2 | |||
fill in the blank 6af1cb06af8cfae_4 |
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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