Homework SourseHi I have this problem for accounting class can you help me
Hi I have this problem for accounting class can you help me
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.
Feedback
a. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.
b. Determine the materials inventory balance at the end of May.
$
Feedback
b. Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.
c. Journalize the summary entry to transfer materials to work in process.
Feedback
c. Increase work in process and decrease materials for the total of issuances found in Req. a.
d. Comparing quantities on hand as reported in the materials ledger with predetermined order points would enable management to order materials before a(n) lack of materials causes idle time.
| Received | Issued | Balance | |||||||||
| Receiving Report Number | Quantity | Unit Price | Materials Requisition Number | Quantity | Amount | Date | Quantity | Unit price | Amount | ||
| May 1 | 285 | $30.00 | $8,550 | ||||||||
| 40 | 130 | $32.00 | May 4 | ||||||||
| 91 | 365 | $ | May 10 | ||||||||
| 44 | 110 | 38.00 | May 21 | ||||||||
| 97 | 100 | May 27 |
Solution
Material balance= 2280
C. journal:
| Received | Cost of goods sold | Inventory | ||||||||||
| Report | Quantity | Unit cost | Total cost | Requisition | Quantity | Unit cost | Total cost | Date | Quantity | Unit cost | Total cost | |
| May .1 | 285 | 30 | 8,550 | |||||||||
| 40 | 130 | 32 | 4,160 | May .1 | 285 | 30 | 8,550 | |||||
| May. 4 | 130 | 32 | 4,160 | |||||||||
| 91 | 285 | 30 | 8,550 | |||||||||
| 80 | 32 | 2,560 | May. 4 | 50 | 32 | 1,600 | ||||||
| 44 | 110 | 38 | 4,180 | May. 4 | 50 | 32 | 1,600 | |||||
| May .21 | 110 | 38 | 4,180 | |||||||||
| 97 | 50 | 32 | 1,600 | |||||||||
| 50 | 38 | 1,900 | May .21 | 60 | 38 | 2,280 | ||||||
| Balances | 14,610 | 2,280 |
