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 ReceivingReportNumber Quantity UnitPrice MaterialsRequisitionNumber Quantity Amount Date Quantity Unitprice Amount May 1 370 $6 $2,220 27 260 $8 May 4 100 420 $ May 10 33 170 10 May 21 113

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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.

ReceivedIssuedBalance
Receiving
Report
Number
QuantityUnit
Price
Materials
Requisition
Number
QuantityAmountDateQuantityUnit
price
Amount
May 1370$6$2,220
27260$8May 4
100420$May 10
3317010May 21
113250May 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
Related Book For  answer-question

Accounting

26th edition

Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac

ISBN: 978-1285743615