raw material inventory at standard priee Retum to the manufaeturing eost varianees in Ralph's LP, problem 9 aboveo Now suppose an inventory of raw material is maintained. During the period, 1,200 units were aequired at a total eost of23,500. (Reeall the standard price is 20 perunit.) Detennine

(i) eost of goods sold; (ii) net ineome; and (iii) all manufaeturing eost variances. Also reeoneile your net ineome number with that in problem 9.

AppendixLO1