Question 1 - Explain what is the difference between FIFO (First In First Out) and Weighted average method. How do they actually approach the calculations in terms of preparing a report, so how does it differ? Also, Why some companies prefer FIFO Method and some companies prefer Weighted Average Method?

Question 2 - Explain the difference between the means by service department and operating department?

Question 3 - What is the definition of margin of safety?