An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials issuances
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Question:
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 | 370 | $6 | $2,220 | ||||||||
27 | 260 | $8 | May 4 | ||||||||
100 | 420 | $ | May 10 | ||||||||
33 | 170 | 10 | May 21 | ||||||||
113 | 250 | 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 |
Related Book For
Accounting
ISBN: 978-1285743615
26th edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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