According to which method of pricing issues is close to current economic values?
A. Last In First Out
B. First In First Out
C. Highest In First Out
D. weighted average price
Answer: Option A
Solution(By Examveda Team)
According Last In First Out method of pricing issues is close to current economic values. LIFO Accounting means inventory which was acquired last would be used up or sold first.Related Questions on Costing
Basic objective of cost accounting is ________
A. tax compliance.
B. financial audit.
C. cost ascertainment.
D. profit analysis.
Process costing is suitable for ________.
A. hospitals
B. oil refing firms
C. transport firms
D. brick laying firms
The cost which is to be incurred even when a business unit is closed is a _____.
A. imputed cost
B. historical cost
C. sunk cost
D. shutdown cost
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