Prepare tne stores ledger account showing how issues and closing stock balance will be recorded under standard price method. The debit balance of Material variance is 1,000 on 1st November 2010. The following are the purchases and issues made during November 2010. Rate Quantity 1,000 units 500 units 400 units 800 units November 2010 Opening balance Purchased 1 11 4 12 Purchased 13 6 Issued Issued : Purchased 400 units 1,000 units 700 units 7. 10 14 18 Issued 20 Issued 200 units 25 Purchased 400 units 11 29 Issued 300 units Calculate the Material price variance at the end of November 1998.

FINANCIAL ACCOUNTING
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Chapter1: Financial Statements And Business Decisions
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Prepare tne stores ledger account showing how issues and closing stock
balance will be recorded under standard price method. The debit balạnce of
Material variance is 1,000 on 1st November 2010. The following are the purchases
and issues made during November 2010.
November 2010
Quantity
1,000 units
· 500 units
400 units
800 units
400 units
1,000 units
700 units
Rate
Opening balance
Purchased
1
11
4
12
5
Purchased
13
Issued
7
Issued :
10
Purchased
18
Issued
20
Issued
200 units
25
Purchased
400 units
11
29
Issued
300 units
Calculate the Material price variance at the end of November 1998.
14
Transcribed Image Text:Prepare tne stores ledger account showing how issues and closing stock balance will be recorded under standard price method. The debit balạnce of Material variance is 1,000 on 1st November 2010. The following are the purchases and issues made during November 2010. November 2010 Quantity 1,000 units · 500 units 400 units 800 units 400 units 1,000 units 700 units Rate Opening balance Purchased 1 11 4 12 5 Purchased 13 Issued 7 Issued : 10 Purchased 18 Issued 20 Issued 200 units 25 Purchased 400 units 11 29 Issued 300 units Calculate the Material price variance at the end of November 1998. 14
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