Absorption and Marginal Costing
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What is HIFO?
i-ask! | Have a question? Ask Tutor! What is HIFO method for valuing inventory? And what are its advantages over other inventory valuation methods? HIFO is an acronym for Highest in, First out. This inventory valuation method assumes that inventory with highest bought in value i.e. highest purchase price in the stock will be consumed [...]
What is Opportunity cost and why is it a Relevant cost as well?
i-ask! | Have a question? Ask Tutor! First of all make me clear about opportunity cost. Clarification with one example will be good. Also tell me the relation of opportunity costs and relevant costs under decision making Opportunity costs are defined to be the economic value of the benefit sacrificed under one alternative to avail [...]
What is the difference between Notional cost and Opportunity cost?
i-ask! | Have a question? Ask Tutor! Are notional and opportunity cost the same? If they are different then what is it? Please explain notional cost vs opportunity cost differences from cost and management accounting perspective and implications of each for decision making Notional costs and Opportunity costs are two important concepts in cost and [...]
What is Notional cost?
i-ask! | Have a question? Ask Tutor! What is notional cost? Please explain it simply and also tell me that if notional costs are imaginary costs then why do we even need to calculate them? Notional means imaginary, speculative or conceptual i.e. something that has no actual existence and is mere imagination. Same way a [...]