Material Costing Methods MCQs

True Tamplin

Written by True Tamplin, BSc, CEPF®
Updated on March 25, 2022

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.

Material costing method mcqs

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Frequently Asked Questions

How do I determine the cost of material?

The cost of a material can be determined by either its unit price or its quantity. The total cost of a material is calculated by multiplying its unit price by its quantity.

Why is it important to know the cost of material?

The quantity of a material needed can be determined by either its unit or its dimensions. The total quantity of a material is calculated by multiplying its unit by its dimensions.

Why is it important to know the cost of material?

Why is it important to know the cost of material?

What are some factors that can affect the cost of material?

Some factors that can affect the cost of a material include the quantity needed, the dimensions of the material, and the shipping or delivery costs. Additionally, the cost of a material can vary depending on the supplier.

How do I compare the cost of different materials?

To compare the cost of different materials, you can use a cost comparison worksheet. This worksheet will help you to calculate the total cost of each material and then compare them.

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 is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, 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, or check out his speaker profile on the CFA Institute website.

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