Material Costing Methods: Fill In the Blanks

Written by True Tamplin, BSc, CEPF®

Reviewed by Subject Matter Experts

Updated on March 12, 2023

1. A materials abstract is also known as a .

2. Materials should be used by the storekeeper against .

3. The first in, first out (FIFO) method of valuing material issues is suitable in times of .

4. The last in, first out (LIFO) method of valuing material issues is suitable in times of .

5. The average cost method of valuing material issues is suitable when .

6. The inflated price method of valuing material issue is suitable when .

7. The specific price method is regarded as the optimal method when .

8. The market price method is considered optimal when .

9. A bill of materials serves the purpose of .

10. A bill of materials is purposed in cost of a job.

Material Costing Methods: Fill In the Blanks FAQs

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website or view his author profiles on Amazon, Nasdaq and Forbes.