Method of pricing materials issued which is based upon the assumption that materials which are purchased first are issued first.

Related MCQs

• Under which method materials received first are issued first?
• The CIMA definition of zero-based budgeting is set out below, with two blank sections. "Zero-based budgeting: A method of budgeting which requires each cost element ____________, as through the activities to which the budget relates ____________." Which combination of two phrases correctly complete the definition?
• . This is a level at which normal issues of materials are stopped and urgent action is taken for procurement of materials
• In this technique of selective control, materials are analysed according to their value so that costly and more valuable materials are given greater attention and care
• A technique of inventory control where materials are analyzed according to their values so that costly and more valuable materials are given greater attention and care.
• If re-ordering level is 450 units while consumption of materials are 25-27 units and materials are received within 4-6 weeks, the minimum level will be
• First in first out method of valuing material issues is suitable in times of…………
• Market price method is considered to be the best method when…………..
• Last in first out method is suitable in times of………………
• The following details have been extracted from the debtors collection records of X limited: Invoices paid in the month after sale 60% Invoices pain in the second month after sale 20% Invoices paid in the third month after sale 15% Bad debts 5% Credit sales for June to August 2014 or budgeted as follows: June Rs. 1,00,000 July Rs. 1,50,000 August Rs. 1,30,000 customers pain in the month after sale are entitled to deduct a 2% cash discount. Invoices are issued on the last day of the month. The amount budgeted to be received in September 2014 from credit sales is