Describe methods of inventory costing
There are four methods of inventory costing: Lifo, Fifo, direct cost, and average cost. Why do you think we have four? Do we need four? What are the advantages and disadvantages of having four methods?
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Solve the two equations for Q and P to show how Q and P depend on U and V. Derive the variance of P, the variance of Q, and the covariance between Q and p.
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