Question:
An incomplete subsidiary ledger of wire cable for August is as follows:
|
RECEIVED
|
ISSUED
|
BALANCE
|
|
Receiving
|
|
|
Materials
|
|
|
|
|
|
|
|
Report
|
|
Unit
|
Requisition
|
|
|
|
|
|
Unit
|
|
Number
|
Quantity
|
Price
|
Number
|
Quantity
|
Amount
|
Date
|
Quantity
|
Amount
|
Price
|
|
|
|
|
|
|
|
Aug. 1
|
200
|
$3,200
|
$16.00
|
|
110
|
240
|
$18.00
|
|
|
|
Aug. 3
|
|
|
|
|
|
|
|
108
|
300
|
|
Aug. 5
|
|
|
|
|
139
|
160
|
20.00
|
|
|
|
Aug. 19
|
|
|
|
|
|
|
|
120
|
180
|
|
Aug. 25
|
|
|
|
a. Complete the materials issuances and balances for the wire cable subsidiary ledger under FIFO.
b. Determine the balance of wire cable at the end of August.
c. Journalize the summary entry to transfer materials to work in process.
d. Explain how the materials ledger might be used as an aid in maintaining inventory quantities on hand.