Purchase Solution

# Complete materials issuances balances for wire cable FIFO

Not what you're looking for?

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.

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.

##### 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:
###### Education
• BSc, University of Virginia
• MSc, University of Virginia
• PhD, Georgia State University
###### Recent Feedback
• "hey just wanted to know if you used 0% for the risk free rate and if you didn't if you could adjust it please and thank you "
• "Thank, this is more clear to me now."
• "Awesome job! "
• "ty"
• "Great Analysis, thank you so much"

##### Understanding the Accounting Equation

These 10 questions help a new student of accounting to understand the basic premise of accounting and how it is applied to the business world.

##### Income Streams

In our ever changing world, developing secondary income streams is becoming more important. This quiz provides a brief overview of income sources.

##### Cost Concepts: Analyzing Costs in Managerial Accounting

This quiz gives students the opportunity to assess their knowledge of cost concepts used in managerial accounting such as opportunity costs, marginal costs, relevant costs and the benefits and relationships that derive from them.