Question: (b) The standard set for material consumption was 100kg. @ 2.25 per kg. In a cost period: Opening stock was 100 kg. @ 2.25

(b) The standard set for material consumption was 100kg. @ 2.25 per

(b) The standard set for material consumption was 100kg. @ 2.25 per kg. In a cost period: Opening stock was 100 kg. @ 2.25 per kg. Purchases made 500 kg. @2.15 per kg. Consumption 110 kg. Calculate: a) Usage b) Price variance 1) When variance is calculated at point of purchase 2) When variance is calculated at point of issue on FIFO basis 3) When variance is calculated at point of issue on LIFO basis [8]

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