An incomplete subsidiary ledger of materials inventory for May is as follows: a.
ID: 2399933 • Letter: A
Question
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.
b. Determine the materials inventory balance at the end of May.
$
c. Journalize the summary entry to transfer materials to work in process.
Received Issued Balance ReceivingReport
Number Quantity Unit
Price Materials
Requisition
Number Quantity Amount Date Quantity Unit
price Amount May 1 370 $6 $2,220 27 260 $8 May 4 100 420 $ May 10 33 170 10 May 21 113 250 May 27
Explanation / Answer
Answers
Received
Issued
Balance
Receiving
Quantity
Unit
Materials
Quantity
Amount
Date
Quantity
Unit
Amount
Report
Price
Requisition
price
Number
Number
[A]
[B]
[A x B]
[C]
[D]
[E]
[F]
[E x F]
May-01
370
$ 6.00
$ 2,220.00
27
260
$ 8.00
$ 2,080.00
May-04
370
$ 6.00
$ 2,220.00
260
$ 8.00
$ 2,080.00
100
420
$ 2,620.00 [(370 x 6) + (50 x 8)]
May-10
210
$ 8.00
$ 1,680.00
33
170
$ 10.00
$ 1,700.00
May-21
210
$ 8.00
$ 1,680.00
170
$ 10.00
$ 1,700.00
113
250
$ 2,080.00 [(210 x 8) + (40 x 10)
May-27
130
$ 10.00
$ 1,300.00
Material Inventory at the end = 130 units at $ 10 = $ 1,300.00
Amount = 420 units at $ 2,620 + 250 units at $ 2,080 = 2620 + 2080 = $ 4,700
Work in Process
$ 4,700
Materials
$ 4,700
Received
Issued
Balance
Receiving
Quantity
Unit
Materials
Quantity
Amount
Date
Quantity
Unit
Amount
Report
Price
Requisition
price
Number
Number
[A]
[B]
[A x B]
[C]
[D]
[E]
[F]
[E x F]
May-01
370
$ 6.00
$ 2,220.00
27
260
$ 8.00
$ 2,080.00
May-04
370
$ 6.00
$ 2,220.00
260
$ 8.00
$ 2,080.00
100
420
$ 2,620.00 [(370 x 6) + (50 x 8)]
May-10
210
$ 8.00
$ 1,680.00
33
170
$ 10.00
$ 1,700.00
May-21
210
$ 8.00
$ 1,680.00
170
$ 10.00
$ 1,700.00
113
250
$ 2,080.00 [(210 x 8) + (40 x 10)
May-27
130
$ 10.00
$ 1,300.00
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