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Cost and Management Accounting
Notes Answers: Self Assessment
1. optimum level of inventory 2. work in progress
3. lower prices 4. capital on materials
5. True 6. False
7. False 8. True
9. LIFO 10. issue price
11. Base Stock method 12. simple average
13. HIFO 14. average cost
15. low price
3.7 Further Readings
Richard G. Schroeder, Myrtle W. Clark, Myrtle W. Clark, Jack M. Cathey, Financial
Accounting Theory and Analysis: Text Readings and Cases, John Wiley & Sons Inc.
Online links www.futureaccountant.com
www.managementstudyguide.com
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