Stocks are issued at the standard price and debit balance of variance amount before transfer to Costing Profit and Loss Account was Rs.500. The following
purchases and issues were made during the month of April:
|
April 1 |
Opening Balance |
100 units @ Rs.90.00 per unit |
|
April 5 |
Purchased |
500 units @ Rs.85.00 per unit |
|
April 6 |
Issued |
60 units |
|
April 12 |
Issued |
375 units |
|
April 23 |
Issued |
65 units |
|
April 30 |
Purchased |
250 units @ Rs.80.00 |
Find out the standard price for the issue and prepare the Stores Ledger Account. Also calculate the material price variance.