Which of the following statements is INCORRECT regarding the overriding objectives underlying inventory standards and guide management?
A)Report an inventory cost on the statement of financial position that is representative of the
Inventory's recent cost.
B)Choose an approach that corresponds as closely as possible to the physical flow of
Goods.
C)Use the same method for all inventory assets that have similar economic characteristics.
D)It is permissible under ASPE to use any inventory method, including LIFO.

Question

Quizplus · Accepted Answer

Under ASPE (Accounting Standards for Private Enterprises), the use of LIFO (Last In, First Out) is not permitted for inventory valuation.

Which of the Following Statements Is INCORRECT Regarding the Overriding