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Summarize the cost flow methoda used under each system.

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Accounting

Summarize the cost flow methoda used under each system.

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COST FLOW METHODS The methods of pricing values under the cost flow method cost price method are classified as follows Specified Price FirstinfirstoutFIFO LastinlastoutLIFO Highestin firstoutHIFO Base stock ABOVE COST PRICE METHODS IN DETAIL 1 Specified price identifiable method Sometimes materials are purchased to be utilised in a particular job or issues can be identified with a particular receipt In these cases the actual purchase price can be charged This method can be adopted when prices are stable or when the materials    See Answer
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