The following represent transactions on the material account for a company for the month of March 20X8:
$000s
Issued to production 144
Returned to stores 5
The material inventory at 1 March 20X8 was $23,000 and at 31 March 20X8 was $15,000. How much material was purchased in March 20X8?
$ O
Materials inventory account
$000s $000s
Opening inventory 23 Issued to production 144
Purchases (bal fig) 131
Returned to stores 5 Closing balance 15
159 159
多做几道
Explain what is meant by standard costing
Explain what is meant by a standard cost
Describe four types of standard.
Explain what is meant by a standard hour.
Give five possible sources of information from which a standard materials price may be estimated.
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