Last In, First Out (LIFO) Method of Inventory Valuation

Last In, First Out (LIFO): Definition Last in, first out (LIFO) is an inventory costing method that assumes the costs of the most recent purchases are the costs of the first item sold. The LIFO method, which applies valuation to a firm’s inventory, involves charging the materials used in a job or process at the price … Read more

Material Ledger Card

Definition and Explanation Costing means determining cost. Costing for materials includes the study of different methods, for calculation of cost of receipt, cost of issues of materials and cost of the returns. better cost of materials ledger cards is maintained for all items of materials. Material ledger card is also called as store ledger card. The … Read more

Material Costing Methods MCQs

Test your knowledge with this multiple choice question (MCQ) test on material costing methods. If you can answer every question correctly, it will be great preparation for your exams, interviews, and professional work. To begin, just click on the “Start Quiz” button. You can also check: Material costing methods short questions Material costing methods fill … Read more