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The Base Stock and HIFO (Highest-In-First-Out) methods are actual cost methods for pricing material issues. The Base Stock method values a minimum base stock quantity at the original purchase price, and values excess quantities using another method like LIFO. HIFO charges materials issued at the rate of the highest priced materials in stock until exhausted, then uses the next highest price, recovering high costs first. Both aim to value closing stock at lower rates. The Base Stock method suits maintaining b

Author

Ajmal

Language

EN