Hi I have this problem for accounting class can you help me Cost of Materials Is
ID: 2605881 • Letter: H
Question
Hi I have this problem for accounting class can you help me
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.
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a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.
b. Determine the materials inventory balance at the end of May.
$
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b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.
c. Journalize the summary entry to transfer materials to work in process.
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c. Increase work in process and decrease materials for the total of issuances found in Req. a.
d. Comparing quantities on hand as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) lack of materials causes idle time.
Received Issued Balance ReceivingReport
Number Quantity Unit
Price Materials
Requisition
Number Quantity Amount Date Quantity Unit
price Amount May 1 285 $30.00 $8,550 40 130 $32.00 May 4 91 365 $ May 10 44 110 38.00 May 21 97 100 May 27
Explanation / Answer
Material balance= 2280
C. journal:
Received Cost of goods sold Inventory Report Quantity Unit cost Total cost Requisition Quantity Unit cost Total cost Date Quantity Unit cost Total cost May .1 285 30 8,550 40 130 32 4,160 May .1 285 30 8,550 May. 4 130 32 4,160 91 285 30 8,550 80 32 2,560 May. 4 50 32 1,600 44 110 38 4,180 May. 4 50 32 1,600 May .21 110 38 4,180 97 50 32 1,600 50 38 1,900 May .21 60 38 2,280 Balances 14,610 2,280