Question: ( a ) Explain Methods of Material Pricing ( 5 marks ) Describe the following methods of pricing materials issued from inventory, providing suitable examples

(a) Explain Methods of Material Pricing (5 marks) Describe the following methods of pricing materials issued from inventory, providing suitable examples for each. i. FIFO (First In, First Out) ii. LIFO (Last In, First Out) iii. Weighted Average Cost (b) Explain Key Terminologies (5 marks) Define and explain the following terms in the context of cost and management accounting: i. Direct Materials ii. Indirect Materials iii. Overhead Cost

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