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1. Bravo Wire Enterprises is a manufacturer of electrical conductors. The following incomplete subsidiary ledger is for wire cable during July:

   a.  Complete the materials issuances and balances for the wire cable subsidiary ledger. Assume a first-in, first-out cost flow.

   Received Receiving Report Number	Received Quantity	Received Unit Price	Issued Materials Requisition Number	Issued Quantity	Issued Amount	Balance Date	Balance Quantity	Balance Amount	Balance Unit Price
   						July 1	260	$2,340	$9
   27	180	$11				July 5	fill in the blank 1	$fill in the blank 2	$fill in the blank 3
   							fill in the blank 4	$fill in the blank 5	$fill in the blank 6
   			106	290	$fill in the blank 7	July 10	fill in the blank 8	$fill in the blank 9	$fill in the blank 10
   33	120	$13				July 20	fill in the blank 11	$fill in the blank 12	$fill in the blank 13
   							fill in the blank 14	$fill in the blank 15	$fill in the blank 16
   			119	170	$fill in the blank 17	July 26	fill in the blank 18	$fill in the blank 19	$fill in the blank 20

   b.  Determine the balance of wire cable at the end of July.
   fill in the blank 1 of 1$

   c.  Determine the total amount of materials transferred to Work in Process for July.
   fill in the blank 1 of 1$

   d.  All of the following statements about a materials ledger are true except:

   A materials ledger 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.

Answer rating: 100% (QA)

To solve this problem we need to apply the firstin firstout FIFO inventory costing method to calculate the issuance and balance of the wire cable a Co... View the full answer