Get Instant Help From 5000+ Experts For
Get Instant Help From 5000+ Experts For

Cost Accounting Assignment & Homework Help Online

The various methods of Costing like FIFO, LIFO and Weighted Average Inventory used in Accounting are explained below:  

 FIFO  – First in First out

Under this method ,for the purpose of pricing  the issue it is assumed that material received first are issued first and charges are made at the corresponding costs. In other words issue takes place in the order of receipts. Here the identity of material is not required. In fact the material received last may be issued first (i.e. in case of materials placed in heaps it cannot be expected that materials from bottom shall be issued).In FIFO the earlier purchases shall be exhausted earlier (as per assumption) and the stock will represent later purchases. 

Thus in a condition of falling price, higher cost shall be consumed by production and there will be lower replacement cost. The opposite shall happen in a condition of rising prices. 

In FIFO Materials shall be charged at cost.So, there will be no difference between total cost and total charges. In condition of falling price the method will give better result and the value of closing stock will more or less correspond to market price. But in the condition of rising prices the method proves that lower costs are absorbed by production and higher cost are represented by closing stock. Replacement of stock will involve more money. 

LIFO – Last in First Out

Under this method, for the purpose of pricing the issues, it is assumed that latest receipts are issued first. The identity of material is immaterial. Physically any purchase may be issued first according to convenience. 

For the purpose of pricing it is always assumed that latest purchases are issued first. However in condition of rising prices the charge to production, under this method, will be more or less at current market price while the stock will represent earlier low prices. 

In LIFO cost of material charged to jobs will represent more or less the current market prices and the closing stock will represent earlier low prices and hence there will be no unrealized profit in financial accounting. 

This method will give better result where profits fluctuate during periods of changing price levels and there will be no difference between total cost incurred and total charges made. 

But in the condition of falling prices the method will mean lower charge to production and higher value of closing stock. Two jobs may be charged at different rates (depending on the availability of stock) thereby rendering any comparison of cost unreliable. In condition of rising prices the value of closing stock shall have no influence of the current market conditions on it. 

Cost Accounting Assignment Help

Weighted Average Inventory

In weighted Average inventory method the total value (at cost) of materials in stock at the time of issue is divided by the total quantity of materials in stock to obtain the weighted average rate .In this method both rates and their corresponding quantities are given emphasis, because the value at cost is obtained by multiplying the quantity by the rate. This rate will be used until some fresh purchase comes.

 The method effectively smoothen the effect of price fluctuation. Profit and loss on material arises only if mathematical approximation is made to the calculation of rates. 

                        Weighted Average Rate=uv+u1v1+u2v2+u3v3


Where v, v1, v2, v3 are corresponding rates of purchases u,u1,u2,u3

Want to know how to proceed? 

Cost Accounting Assignment Help

Fill up the assignment help request form on the right or drop us an email at Feel free to contact our customer support on the company 24/7 Live chat or call us on 312-224-1615.

HelpWithAssignment provides timely help at affordable charges with detailed answers to your assignments, homework, research paper writing, research critique, case studies or term papers so that you get to understand your assignments better apart from having the answers. The team has helped a number of students pursuing education through regular and online universities, institutes or online Programs.

Book Your Assignment

Drop files here or click to upload.
Or click here to upload

How It Works

Step 1


Step 2

Get A Price Quote Within Minutes

Step 3

Make The

Step 4

Track Your Request Through Tracker

Step 5

Receive Completed Assignment In Inbox

Customer Reviews

good stuff. without grammatical mistakes. I will order more assignments in future.
you guys are doing good so far.
thanks a lot providing your good work. I will also suggest my friends about you.

Jeremy Keith Essay: , Deadline:

Jeremy Keith

The process capability assignment expert at HwAhas helped me not only to write my assignment but also to better understand thetheorem and ideas. This has helped me to solve the process capability analysisquestions in exams and term papers accurately and get top grades. 

Shane Filan Essay: , Deadline:

Shane Filan

From my undergraduate course till my masterdegree, I have been a regular client of HwA. The experts around here not onlyhelp you with the solutions of particular assignment but also at the same timehelps you clear the concepts. It is like a marvellous bond and connection Ishare with this website. 

Peter Walsh Essay: , Deadline:

Peter Walsh

I needed help with my assignment pertaining tocirrhosis of liver and was unable to find any decent help online. Then when Isearched and searched, I landed at HwA and was astonished to find that theyhave a specific hepatic system unit of nursing experts. Was thrilled to findhelp here and got good grade in that assignment. 

Dawn Stevenson Essay: , Deadline:

Dawn Stevenson

The object orientedprogramming languages like C++ and Java were a nightmare for me and myprofessor rushed off with her lectures so fast that I couldn’t catch up withthe syllabus. Then once HwA started helped me out with my computer scienceassignments I got more time to understand how the things summed up. They didnot only just write the codes on my behalf but when I enquired explained to meevery step individually. The experts here are really helpful and I will alwaysremain grateful to HwA for all the nice grades I have got in my graduation andpost graduation in computer science and technology. 

Martin Waters Essay: , Deadline:

Martin Waters

I was really struggling with theNetworking engineering dissertation topic, my professor asked me to work on, inmy last semester. Then I came across HelpwithAssignment and they really havebrilliant engineering dissertation and thesis writers. The experts have workedon my Engineering Questions since then and now I am in my 7thsemester and still never got below grade A in any of my Electrical EngineeringAssignments. 

Tracey Jones Essay: , Deadline:

Tracey Jones

Get assignment help from subject matter experts!

4.7/5 rating | 1M+ happy students | Great tutors 24/7 | 11+yrs exp in academic writing