Stocks are issued at standard price and the following transactions occurred in a specific material :
|
Date |
|||
|
April |
|||
|
1 |
Stock |
10 tons |
at Rs.240 per ton |
|
4 |
Purchased |
5 tons |
at Rs.260 per ton |
|
5 |
Issued |
3 tons |
|
|
12 |
Issued |
4 tons |
|
|
13 |
Purchased |
3 tons |
at Rs.250 per ton |
|
19 |
Issued |
4 tons |
|
|
26 |
Issued |
3 tons |
|
|
30 |
Purchased |
4 tons |
at Rs.280 per ton |
|
30 |
Issued |
3 tons |
The debit balance of price variation on 1st April was Rs.20. Show the stock account for the material for the month of April indicating how would you deal with the difference in material price variance, while preparing the Profit and Loss Account for the month.