Question
In: Accounting
An incomplete subsidiary ledger of materials inventory for May is as follows: a. Complete the materials...
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 | 370 | $6 | $2,220 | ||||||||
| 27 | 260 | $8 | May 4 | ||||||||
| 100 | 420 | $ | May 10 | ||||||||
| 33 | 170 | 10 | May 21 | ||||||||
| 113 | 250 | May 27 | |||||||||
b. Determine the materials inventory balance at
the end of May.
$
c. Journalize the summary entry to transfer materials to work in process.
| Work in Process | |||
| Materials |
Solutions
Expert Solution
- All working forms part of the answer
- Requirement ‘a’
|
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 |
|||||
- Requirement ‘b’
Material Inventory at the end = 130 units at $ 10 = $ 1,300.00
- Requirement ‘c’
Amount = 420 units at $ 2,620 + 250 units at $ 2,080 = 2620 + 2080 = $ 4,700
|
|
$ 4,700 |
|
|
Materials |
$ 4,700 |
|
ekkarill92 answered 1 year agoRelated Solutions
Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...
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
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Complete the materials issuances and balances for the materials
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Report Number Quantity Unit Price Materials Requisition Number
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Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...
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
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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.
Received
Issued
Balance
Receiving
Report
Number
Quantity
Unit
Price
Materials
Requisition
Number
Quantity
Amount
Date
Quantity
Unit
price
Amount
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Cost of Materials Issuances Under the FIFO Method An incomplete subsidiary ledger of materials inventory for...
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
370
$5
$1,850
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May 4
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420
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May 10
33
170
9
May 21
118
250
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An incomplete subsidiary ledger of materials inventory for May
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a. Complete the materials issuances and
balances for the materials subsidiary ledger under FIFO.
Received
Issued
Balance
Receiving
Report
Number
Quantity
Unit
Price
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Quantity
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Quantity
Unit
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