of Materials Issuances Under the FIFO Method

An incomplete subsidiary ledger of materials inventory for May is as follows:

Question Content Area

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	360	$8	$2,880
21	250	$10						May 4
				102	410			May 10
27	170	12						May 21
				115	240			May 27

b. Determine the materials inventory balance at the end of May. c. Journalize the summary entry to transfer materials to work in process.

work in process
materials