Q.1 Explain the three basic elements of manufacturing or production costs with examples. Q.2 Using FIFO and LIFO how much we would assign costs to materials issued during the month and to materials on hand at the end of the month as follows? Dec. 1 Balance, 1,000 Kg @ Rs.20 Dec. 10 Issued 500 Kg @ Rs.40 Dec. 15 Purchased 1,000 Kg @ 2 Rs.4 Dec. 20 Issued 250 Kg @ Rs.46 Dec. 26 Issued 500 Kg @ Rs.46 Dec. 28 Purchased 500 Kg @ Rs.26 Dec. 30 Issued 500 Kg @ Rs.50