Intermediate: Accounting entries for a standard costing system A company uses Material Z in several of its
Question:
Intermediate: Accounting entries for a standard costing system A company uses Material Z in several of its manufacturing processes. On 1 November, 9000 kilos of the material were in stock. These materials cost £9630 when purchased.
Receipts and issues of Material Z during November were:
Receipts 4 November, 10000 kilos costing £10530 23 November, 8 000 kilos costing £8480 Issues 2 November, 2000 kilos to Process 1 7 November, 4500 kilos to Process 2 20 November, 4000 kilos to Process 1 27 November, 6000 kilos to Process 3 The company operates a standard costing system. The standarc cost of Material Z during November was £1.04 per kilo.
Process 1 is exclusively concerned with the production of Product X. Production mfonnation for November is as follows:
Opemng work-m-process, 6000 units
- complete as to materials; 50% complete for direct labour and overheads.
Completed units, 9970.
Closing work-in-process, 8000 units
- complete as to materials; 75% complete for direct labour and overheads.
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