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1200 + 1500 + 800 3500 Issue rate on Jan. = Rs. 3.18 400 + 500 + 200 1100 1800 + 1200 3000 Issue rate on Feb. = Rs. 5 400 + 200 600 Ignoring Opening Stock of Jan. & Feb. p20 A Textbook of Financial Cost and Management Accounting C. Standard Price Method Under this method, standard price of material issues are calculated on the basis of detailed analysis of market prices and trends. The standard price also referred to as predetermined price is fixed for a definite period of six months or more. Accordingly the material issue is done on the basis of standard price irrespective of actual rate. The difference between actual price and standard price is treated as material variance. At the end of the period, new standard price is fixed for a further period. Illustration: 9 From the following particulars, prepare a stores Ledger Account by Standard Price Method of issue of materials. The standard price of a material is fixed at Rs. 10 per unit. 2003 Mar. 1 Opening stock of materials 1,000 units at Rs. 15 per unit Purchased 500 units at Rs.10 per unit Issued 500 units 12 Purchased 1,000 units at Rs.15 15 Purchased 800 units at Rs.10 19 Issued 700 units 22 Issued 500 units 27 Purchased 600 units at Rs.12 29 Issued 300 units 30 Purchased 100 units at Rs.14 31 Issued 400 units 3 7