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Valuation of Inventory or Closing and Issues Stocks
Valuation of inventory aims on attaching a monetary value in the issued or stores for production. It is useful in producing. Such state costing the output and then pricing production as well as decision making.
Methods employed in valuing inventory as:
a) First In First Out (FIFO)
b) Last in Last out (LIFO)
c) Weighted Average Method.
Standard costing System has the following main advantages or benefits: 1. The process in itself often discloses inefficiencies, because the setting of standards requires a thoro
what is cost center?
Process Losses Most manufacturing processes result in several portion of the raw materials utilized not being transformed into a reliable half losses. These losses may take t
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i want to understand everything about contract account
selection of activity base/level
Contract Accounts It is a separate account such is maintained and opened for every contract undertaken for the reasons of accumulating cots. Every contract is given a number
exercise solution
Idea behind Activity-Based Costing The most important ideas behind activity-based costing are as given as: Activities cause costs; activities involve ordering, ma
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