Material Costing Methods – Fill In the Blanks

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on August 14, 2021

1. Material abstract is also known as .

2. Material should be used by the store keeper against .

3. First in first out method of valuing material issues is suitable in times of .

4. Last in first out method is suitable in times of .

5. Average cost method of valuing material issues is suitable where .

6. Inflated price method of valuing material issue is suitable when .

7. Specific price method is considered to be the best method when .

8. Market price method is considered to be the best method when .

9. A bill of material serves the purpose of .

10. A bill of material is purposed in cost of a job.

True Tamplin, BSc, CEPF®

About the Author
True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True contributes to his own finance dictionary, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, his interview on CBS, or check out his speaker profile on the CFA Institute website.

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