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 1 260 $8 $2,080 23 180 $10 May 4 260 8✓ 2,080 180 10 1,800 29 29 102 290 120 12 May 10 150 10 1,500 May 21 150 10 1,500 120 12 1,440 115 170 1,700 X May 27 100 12 ✓ 1,200 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Work in Process Materials 1,200 X 1,200 X Feedback
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 1 260 $8 $2,080 23 180 $10 May 4 260 8✓ 2,080 180 10 1,800 29 29 102 290 120 12 May 10 150 10 1,500 May 21 150 10 1,500 120 12 1,440 115 170 1,700 X May 27 100 12 ✓ 1,200 c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Work in Process Materials 1,200 X 1,200 X Feedback
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter2: Job Order Costing
Section: Chapter Questions
Problem 3E: Cost of materials issuances under the FIFO method An incomplete subsidiary ledger of materials...
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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. c. Journalize the summary entry to transfer materials to work in process. If an amount box does not require an entry, leave it blank. Feedback
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