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Complete materials issuances balances for wire cable FIFO

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Cost of Materials Issuances Under the FIFO Method

An incomplete subsidiary ledger of wire cable for June is as follows:

a. Complete the materials issuances and balances for the wire cable subsidiary ledger under FIFO.

Received Issued Balance

Receiving Qnty Unit Mat. Quantity Amount Date Quantity Unit Amount
Report Price Req. price
Number #

June 1 350 $10.00 $3,500

26 250 $12.00 June 2 350 10.00 3,500

250 12.00 3,000

103 380 _____ June 6 ___ 12.00 _____

32 160 14.00 June 12 ___ 12.00 _____

160 14.00 2,240

111 240 _____ June 21 ___ 14.00 _____

Calculate the amount of each materials issue, using FIFO. In the Balance section, separate each different unit price and its quantity.

b. Determine the balance of wire cable at the end of June.

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.

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Solution Summary

Your tutorial guides you through how to analyze this and gives you the journal entry needed for both requisitions. See excel attached.

Solution provided by:
  • BSc, University of Virginia
  • MSc, University of Virginia
  • PhD, Georgia State University
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