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The cost classification chapter

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA MA – FIA FMA › The cost classification chapter

  • This topic has 1 reply, 2 voices, and was last updated 4 years ago by John Moffat.
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  • November 21, 2020 at 10:07 am #595871
    Lekhanareddy30@gmail.com
    Member
    • Topics: 1
    • Replies: 0
    • ☆

    In the chapter cost classification the classification of costs is done by four methods and in classification by fiction the production or non-production costs are related with the valuation of inventory
    Now my question is
    why is valuation of inventory related to the production and non-production costs??

    November 21, 2020 at 10:52 am #595890
    John Moffat
    Keymaster
    • Topics: 57
    • Replies: 54765
    • ☆☆☆☆☆

    Inventory in a manufacturing company is always valued at the cost of production. As you will see in later chapters, for management accounting it can be valued at either just the variable cost of production (marginal costing) or at the full cost of production including the absorbed fixed production costs (absorption costing).

    However all of this is explained in later lectures.

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