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Methods of Work in Progress
The two main methods used for purposes of valuing the opening work in progress:
1. Weighted Average Method
2. FIFO or First In First out Method.
By utilizing these methods enables the cost of the opening work in progress to be suitably assigned to the finished goods and the closing work in process.
sums with solution of marginal costing
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METHODS OF COSTING : 1. Job costing : Job costing is the essential costing technique appropriate to those industries somewhere the work consist of separate contracts, or batch
If question (CA IPCC) is silent which method to follow: avg cost or fifo or lifo?
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