A manufactured product has the following information for June. Standard Quantity and Cost 6 pounds @ $8 per pound 2 DLH@ $16 per DLH 2 DLH @ $12 per DLH Direct materials Direct labor Overhead Units manufactured Actual Results 48,500 pounds @ 18.10 per pound 15,700 hours @ $16.50 per hour Actual Quantity Standard Quantity $ 198,000 8,000 units rcise 21-9 (Static) Direct materials variances LO P3 pute the (1) direct materials price variance and (2) direct materials quantity variance (Indicate the effect of each variance by ting favorable, unfavorable, or no variance. Round "Cost per unit" answers to 2 decimal places.)

Q: Describe about the LIFO and FIFO method.

A:

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A:

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Inventory Accounting

Inventory accounting is that branch of accounting that helps in determining the specific value of assets at different stages of production and development.