Cost Accounting Fundamentals: Stock, Overhead, and Profit Analysis
Closing Stock Valuation Methods
Understanding closing stock valuation is crucial for accurate financial reporting. This section details two common methods: FIFO and Weighted Average Cost.
First-In, First-Out (FIFO) Method
The FIFO method assumes that the first units purchased are the first ones sold. This typically results in higher closing stock values during periods of rising prices.
| Units | Unit Cost | Total Value |
|---|---|---|
| 800 | $12 | $9,600 |
Summary of FIFO Calculation:
- Total Receipts: $65,600
- Total Issues: $56,000
- Closing
Understanding Atoms: Models, Properties, and Bonds
Historical Atomic Models
Dalton’s Atomic Theory
It states that matter is made up of atoms. These atoms are described as solid, spherical, and indivisible particles. Subsequent scientists built upon Dalton’s model, developing increasingly precise descriptions of the atom.
Thomson’s Atomic Model
This model proposes that the atom is a positively charged solid sphere with electrons embedded within it, often likened to a “plum pudding.”
Rutherford’s Atomic Model
Rutherford’s model suggests that the atom is
Read MoreCore Organic Chemistry Principles
Stereochemistry Fundamentals
Enantiomer
An enantiomer is a type of stereoisomer that is a non-superimposable mirror image of another molecule. Enantiomers have the same molecular formula and sequence of bonded atoms but differ in their three-dimensional arrangement of atoms in space.
Meso Compound
A meso compound is a type of stereoisomer that has a superimposable mirror image, despite having chiral centers. Meso compounds are achiral molecules with chiral centers.
d/l Notation
The d/l notation refers
Read MoreUnderstanding Electric Charges and Material Conductivity
Understanding Electric Charges
Matter contains two types of electric charges of opposite signs: positive and negative. Usually, bodies are electrically neutral. However, through certain physical processes, they can gain or lose electric charges, thus becoming electrically charged. These processes include:
- Charging by Friction
- Charging by Induction
- Charging by Contact
Charging by Friction
In everyday life, electrical phenomena often occur through friction. You can observe that bodies with like charges
Read MoreEssential Physical and Chemical Unit Operations
Physical Unit Operations
Distillation
An operation to separate, by vaporization and recondensation, the different components of a liquid or liquefied mixture. This process utilizes the varying boiling points of each substance to be separated.
Filtration
A separation technique or process unit operation where a mixture of solids and fluids (gas or liquid) is passed through a porous filter medium. This medium, often part of a device called a filter, retains most of the solid components of the mixture.
Sieving
A
Understanding Materials, Atoms, and Chemical Processes
Material Classification
Materials are classified according to their source (natural materials, manufactured materials, or newly created) or according to their properties (metals and metal alloys, polymers, ceramics).
Manufacturing Processes
Manufacturing involves materials that have undergone a change or were obtained from a chemical process. Some materials are transformed without altering their chemical composition, while others are newly created.
Natural Materials
Natural materials are obtained from
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