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 1 280 $29.90 $8,372
40 131 $32.50 May 4
91 371 May 10
44 114 37.80 May 21
97 100 May 27
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 on May 31 to transfer materials to work in the process. Refer to the Chart of Accounts for the exact wording of account titles.
D. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.