Answered: Which of the following cost formulas is…

Which of the following cost formulas is not allowed under PAS 2? Select the correct response: Weighted average LIFO Specific identification FIFO

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 12Q: Explain how the high-low method is used for cost estimation. What, if any, are the limitations of...

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Concept explainers

Management by Exception

A manager’s job is a very tough one. A manager needs to look at the various areas of work and as a manager he has to look after two or more important jobs or activities at the same time for the growth of the business. In order to do all these things in an effective manner, a manager must adopt or practice different management styles and tactics.

Question

Which of the following cost formulas is not allowed under PAS 2?
Select the correct response:
Weighted average
LIFO
Specific identification
FIFO

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