Use Bisection Method, Method of False Position or Newton-Raphson Method
Use Bisection Method, Method of False Position or Newton-Raphson Method
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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 Report Number | Quantity | Unit Price | Materials Requisition Number | Quantity | Amount | Date | Quantity | Unit price | Amount | ||
May 1 | 200 | $6 | $1,200 | ||||||||
24 | 140 | $8 | May 4 | 200 | 6 | 1,200 | |||||
140 | 8 | 1,120 | |||||||||
106 | 230 | $1,440 | May 10 | 8 | |||||||
30 | 90 | 10 | May 21 | 8 | |||||||
90 | 10 | 900 | |||||||||
119 | 130 | 1,080 | May 27 | 10 |
b. Determine the materials inventory balance at the end of May.
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