Learning Objectives1• 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.
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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