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...

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Extracted text: 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 Materials Unit Unit Report Quantity Requisition Quantity Amount Date Quantity Amount Price price Number Number 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 Feedback Check My Work b. Determine the materials inventory balance at the end of May. Feedback Check My Work C. Journalize the summary entry to transfer materials to work in process. Work in Process / Materials %24