question archive Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for May is as follows: a
Subject:AccountingPrice: Bought3
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.
