An incomplete subsidiary ledger of materials inventory for May is as follows: Re
ID: 2600039 • Letter: A
Question
An incomplete subsidiary ledger of materials inventory for May is as follows: Received Issued Balance Receiving Materials Report Unit Requisition Unit Number Quantity Price Number Quantity Amount Date Quantity Price Amount May 1 289 $30.30 $8,757 40 136 $32.30 May 4 91 369 May 10 44 116 38.50 May 21 97 104 May 27 Required: a. Complete the materials issuances and balances for the materials subsidiary ledger under FIFO. Round your unit price answers to two decimal places and final answers to the nearest dollar. b. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar. c. Journalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account titles. Round your answers to the nearest dollar. d. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.
Explanation / Answer
a)
Receiving reporting Number
Quantity
Unit price
Material requistion number
Quantity
Amount
Date
Quantity
Unit price
Amount
May-01
289
$30
$8,757
40
136
$32.20
May-04
289
$30
$8,757
136
$32.20
$4,379
91
289
$8,757
May-10
80
$2,576
56
$32.20
$1,803
44
116
$38.50
May-21
56
32.2
$ 1,803
116
$38.50
$ 4,466
97
56
1803.2
48
$1,848
May-27
68
$38.50
$ 2,618
b)
Determine inventory Balance at the end of May
$2,618
a)
Receiving reporting Number
Quantity
Unit price
Material requistion number
Quantity
Amount
Date
Quantity
Unit price
Amount
May-01
289
$30
$8,757
40
136
$32.20
May-04
289
$30
$8,757
136
$32.20
$4,379
91
289
$8,757
May-10
80
$2,576
56
$32.20
$1,803
44
116
$38.50
May-21
56
32.2
$ 1,803
116
$38.50
$ 4,466
97
56
1803.2
48
$1,848
May-27
68
$38.50
$ 2,618
b)
Determine inventory Balance at the end of May
$2,618
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