material-costing-2.pdf - Material Costing Paper 3A Cost...

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Material Costing Paper 3A: Cost Accounting Chapter 2 CA. Kapileshwar Bhalla
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Learning Objectives 1 • Understand the concept of materials, 2 • Understand its need and importance. 3 • Describe the procedures involved in procuring, storing and issuing material. 4 • Differentiate amongst the various methods of valuing material. 5 • Evaluate different methods of pricing material issues, material received and material return. 6 • Understand the meaning and accounting treatment for normal and abnormal loss of material. 7 • Understand the meaning and the accounting treatment of waste, scrap, spoilage and defectives.
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THE Questions faced…. From where to purchase? What to purchase ? When to purchase ? How much to purchase ? At what price to purchase?
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