Cost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials inventory for...

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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 Receiving Report Number Received Quantity Received Unit Price Issued Materials Balance Requisition Issued Number Quantity Issued Balance Balance Unit Balance Amount Date Quantity price Amount May 1 240 $8 $1,920 21 170 $10 May 4 240 8 1,920 170 10 1,700 105 270 2,400 X May 10 65 10 27 110 12 May 21 65 10 Feedback 118 160 170 X May 27 Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. b. Determine the materials inventory balance at the end of May. 12 12 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 Receiving Report Number Received Quantity Received Unit Price Issued Materials Balance Requisition Issued Number Quantity Issued Balance Balance Unit Balance Amount Date Quantity price Amount May 1 240 $8 $1,920 21 170 $10 May 4 240 8 1,920 170 10 1,700 105 270 2,400 X May 10 65 10 27 110 12 May 21 65 10 Feedback 118 160 170 X May 27 Check My Work a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity. b. Determine the materials inventory balance at the end of May. 12 12