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Material Cost – Ten Questions Quiz Part 1 !

Material Cost

Material is very important part of the cost of a product. In some cases, it constitutes 80% of the total cost of the product. It is very important to have a effective inventory management system. Good inventory management is essential since it is responsible for planning and controlling inventory from the raw material stage at a company to the inventory of delivered finished goods.

There are various methods like LIFO, FIFO, Weighted Average price method to determine the cost of materials. Material cost contributes a lot to the profits of the organisation. For this Inventory Controls can be established.

Here is a quiz on the material cost.

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