UPSC Exam > UPSC Videos > Commerce & Accountancy Optional Notes for UPSC > Weighted Average Method - Methods of Valuing Material Issues From Cost Accounting
Weighted Average Method - Methods of Valuing Material Issues From Cost Accounting Video Lecture | Commerce & Accountancy Optional Notes for UPSC
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FAQs on Weighted Average Method - Methods of Valuing Material Issues From Cost Accounting Video Lecture - Commerce & Accountancy Optional Notes for UPSC
| 1. What is the Weighted Average Method in cost accounting? |  |
Ans. The Weighted Average Method is a technique used to value material issues in cost accounting. It calculates the average cost of materials available for use during a specific period, taking into account both the beginning inventory and purchases made during that period.
| 2. How is the Weighted Average Method calculated? | |
Ans. To calculate the Weighted Average Method, the total cost of beginning inventory and purchases is divided by the total quantity of inventory available for use. This gives the average cost per unit, which is then used to value material issues during the period.
| 3. What are the advantages of using the Weighted Average Method? | |
Ans. Some advantages of using the Weighted Average Method include simplicity in calculation, smooths out fluctuations in material costs, and provides a more accurate representation of overall material costs. It is also easy to understand and implement for most businesses.
| 4. Can the Weighted Average Method be used for all types of materials? | |
Ans. Yes, the Weighted Average Method can be used for valuing material issues of various types, including raw materials, work-in-progress, and finished goods. It is a versatile method that can be applied to different types of materials in cost accounting.
| 5. How does the Weighted Average Method differ from other inventory valuation methods? | |
Ans. The Weighted Average Method differs from other inventory valuation methods like FIFO (First-In-First-Out) and LIFO (Last-In-First-Out) in how it calculates the average cost of materials. While FIFO and LIFO focus on specific order of material issues, the Weighted Average Method considers the average cost of all materials available for use during a period.
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Nov 24, 2024 Last updated |
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