An incomplete subsidiary ledger of wire cable for July is as follows: a. Complete the materials...

 

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An incomplete subsidiary ledger of wire cable for July is as follows: a. Complete the materials issuances and balances for the wire cable subsidiary ledger. Apply a FIFO inventory flow assumption. Received Issued Balance Receiving Materials Report Requisition Number Quantity Unit Price Number Quantity Amount Date Quantity Amount Unit Price July 1 350 $1,750 $5 27 240 July 5 350 1,750 240 1,680 104 400 July 10 33 160 $9 July 20 117 230 July 26 b. Determine the balance of wire cable at the end of July. c. Determine the total amount of materials transferred to Work in Process for July. d. All of the following statements about a materials ledger are true except: A materiais iedger is a subsidiary ledger. A materials ledger contains the individual accounts for each type of material. Comparing quantities on hand as reported in the materials ledger with predetermined order points enables management to order materials before a lack of materials causes idle time. A materials ledger cannot assist management with information about materials on order. An incomplete subsidiary ledger of wire cable for July is as follows: a. Complete the materials issuances and balances for the wire cable subsidiary ledger. Apply a FIFO inventory flow assumption. Received Issued Balance Receiving Materials Report Requisition Number Quantity Unit Price Number Quantity Amount Date Quantity Amount Unit Price July 1 350 $1,750 $5 27 240 July 5 350 1,750 240 1,680 104 400 July 10 33 160 $9 July 20 117 230 July 26 b. Determine the balance of wire cable at the end of July. c. Determine the total amount of materials transferred to Work in Process for July. d. All of the following statements about a materials ledger are true except: A materiais iedger is a subsidiary ledger. A materials ledger contains the individual accounts for each type of material. Comparing quantities on hand as reported in the materials ledger with predetermined order points enables management to order materials before a lack of materials causes idle time. A materials ledger cannot assist management with information about materials on order.

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