Economy, asked by nandini31082003, 3 months ago

In which of the following methods of pricing material issues, closing stock of material reflects current prices? (a) FIFO (b) LIFO (c) Simple Average (d) Weighted Average

Answers

Answered by sukhpreetsingh7717

Answer:

option (b) is correct (b) LIFO

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Explanation:

LIFO method

The closing stock of materials are valued at the oldest cost price. In case of a rising price LIFO method is suitable because material is issued at current price. Advantages : The following are the advantages of LIFO method. i) It is simple to operate and easy to understand.

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