COST ACCOUNTING
COST MANAGEMENT SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Costing Account Balances Report
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In-transit Valuation Report
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Work in Process Inventory Valuation Report
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Layer Inventory Valuation Report
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Inventory Valuation Report
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Detailed explanation-1: -The four main inventory valuation methods are FIFO or First-In, First-Out; LIFO or Last-In, First-Out; Specific Identification; and Weighted Average Cost.
Detailed explanation-2: -There are three methods for inventory valuation: FIFO (First In, First Out), LIFO (Last In, First Out), and WAC (Weighted Average Cost).
Detailed explanation-3: -The Inventory Valuation report summarizes the value of your inventory at a specific point in time. You can use this report to analyze the quantities and value of active, on-hand inventory items.
Detailed explanation-4: -The costs that can be included in an inventory valuation are direct labor, direct materials, factory overhead, freight in, handling fees, and import duties.