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Discussion Form: 1. Explain why LIFO is not used in process costing? 2. Explain the concept of...

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Accounting

Discussion Form:

1. Explain why LIFO is not used in process costing?

2. Explain the concept of equivalent units of production?

3. What is the difference between FIFO method and Average Costmethod?

4. Explain the purpose of break-even analysis?

Answer & Explanation Solved by verified expert
3.6 Ratings (410 Votes)
Answer 1 why LIFO is not used in process costing Under Process costing simillar kind of large amount of producets are being manufactured where cost used for individual project cant be computed and allocation is being made for the period to compute cost of product process costing assume that first unit produced is first unit used this concept represent FIFO LIFO assume that last unit is used first hence FIFO is    See Answer
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