Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledge
ID: 2597278 • Letter: C
Question
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 Materials Requisition Number Unit Unit Quantity Quantity Amount Date Quantity Amount Price price May 1 230 $7 $1,610 26 160 $9 May 4 106 260 May 10 32 110 May 21 119 150 May 27 b. Determine the materials inventory balance at the end of MayExplanation / Answer
Received Issued Balance Receiving report no. Quantity Unit price Materials requisition no. Quantity Amount Date Quantity Unit price Amount May-01 230 7 1610 26 160 9 May-04 230 7 1610 160 9 1440 106 260 1880 May-10 130 9 1170 32 110 11 May-21 130 9 1170 110 11 1210 119 150 1390 May-27 90 11 990 b Materials inventory balance = $990