Inventory costing system differ for different organizations. All organization adopt two basic costing system. Consider two organization one with cement manufacturer while the other one is a accounting firm. Keeping in mind the concepts of costing system answer the following questions: • Identify the type of costing system for both firms separately. • In order to find the product cost is similar in every costing system because it is the combination of direct material direct labor and FOH. what will be the difference in product costing for using different costing system.

Q: multiple choice  1. What is the difference between “Absorption costing”, “Variable costing” and…

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Q: Which of the following statements about activity-based costing (ABC) is false? Group of answer…

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Q: Which THREE of the following statements about activity-based costing (ABC) and traditional costing…

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Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.