Received Issued Materials Unit Requisition Unit Report Number Quantity Price Num
ID: 2547187 • Letter: R
Question
Received Issued Materials Unit Requisition Unit Report Number Quantity Price Number Quantity Amount Date Quantity Price Amount $30.40 $8,907 May 1 May 4 May 10 May 21 May 27 293 40 135 $31.20 91 362 107 38.10 97 103 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 dolar b. Determine the materials inventory balance at the end of May. Round your answer to the nearest dollar c Joumalize the summary entry on May 31 to transfer materials to work in process. Refer to the Chart of Accounts for exact wording of account tmles. Round your answers to the nearest doar d. Explain how the materials ledger might be used as an ald in maintaining inventory quantties on hand c Journalize the summary entry on May 31 to transfer materials to work in process. Reler to the Chart of Accounts for exact wording of accoun PAGE 10 DATE DESCRIPTION POST. REF. Check My Work All work savedExplanation / Answer
Req 1: RECIEPTS COST OF GOODS SOLD BALANCE UNITS RATE AMOUNT $ UNITS RATE AMOUNT $ DATE UNITS RATE AMOUNT $ 1-May 293 30.4 8907 135 31.2 4212 4-May 293 30.4 8907 135 31.2 4212 293 30.4 8907 10-May 66 31.2 2059 69 31.2 2153 107 38.1 4077 21-May 66 31.2 2059 107 38.1 4077 66 31.2 2059 27-May 76 38.1 2896 31 38.1 1181 242 8289 459 14300 76 38.1 2896 Req b: Inventory balance : 76 units @38.10 = $ 2896 Req c: Journal entry: Work in process inventory Dr. 14300 Raw material 14300 Req d. Maintaining Material ledger aid in material inventory in hand by tallying the physical inventory in hand with ledger balance to know the inventory shrinkage. Moreover, the cost at which the material will be issued and will remain in hand shall also be made available through Material ledger.
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