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  • Good Costing System Steps

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    navya surana
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    The document discusses various costing methods like FIFO, LIFO, and WFO and provides examples of calculating inventory costs and ending balances under each method using sample purchase and sales data. It also includes an example comparing the costs calculated under FIFO and LIFO for a company with purchases on various dates and sales during the period. The document demonstrates how inventory valuation and accounting differs based on the costing method used.

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    Steps, essential and objectives of good costing system

    Original Title

    Good costing system steps

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    The document discusses various costing methods like FIFO, LIFO, and WFO and provides examples of calculating inventory costs and ending balances under each method using sample purchase and sales data. It also includes an example comparing the costs calculated under FIFO and LIFO for a company with purchases on various dates and sales during the period. The document demonstrates how inventory valuation and accounting differs based on the costing method used.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    18 views9 pages

    Good Costing System Steps

    Uploaded by

    navya surana
    The document discusses various costing methods like FIFO, LIFO, and WFO and provides examples of calculating inventory costs and ending balances under each method using sample purchase and sales data. It also includes an example comparing the costs calculated under FIFO and LIFO for a company with purchases on various dates and sales during the period. The document demonstrates how inventory valuation and accounting differs based on the costing method used.

    Copyright:

    © All Rights Reserved
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    of 9

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    6:3:5:|:0-IS 600 300 J00

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    3000 2000 3000 1S00 Soo

    sSD 7200 3650 312S 107s


    FIFO

    Balanee
    Puneaael Amt
    Rate sty Rak
    Dak Rak Ant

    SOO 200 0
    j200
    300 1200
    300
    R0042S 300 |200
    u-25 425 |00
    u-25 425
    1sO
    410615
    100 425 1So 410 KIS
    50 205
    160 205

    20 3D0 135O 300


    So

    5 1500

    4O0 300 7200

    300 ui 4~
    WFO

    Puwehase Balon
    Dak Rate Amt fate Amt

    Jan
    1 S00 2000

    200 3400 300 |2O0


    300 1200
    5: 200 425 200 425
    200 4-25
    lo0 400
    20D

    12 150 4.)0 615 615


    205
    205
    SO 2 0 So 200
    So 200
    20 300 4SD350 3 00 13S0
    200
    so 350
    25

    26 206 so 20
    2.00 g00 So 200
    3t 4-So 225 250 1|25

    stock =132 S

    250 wiH4so

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