Cost of Materials Issuances Under the FIFO Method

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	360	$6	$2,160
21	250	$8						May 4
				105	410			May 10
27	170	10						May 21
				118	240			May 27

b. Determine the materials inventory balance at the end of May.

Answer rating: 100% (QA)

A DATE B May01 May04 May10 May21 May27 Inventory Card FIFO Receipt Rec Report No Quantity Un... View the full answer