Which of the following is not a generally recognized of inventory valuation method?
A) FIFO.
B) LOFO.
C) LIFO.
D) Weighted average.

Name: Which of the following is not a generally recognized of inventory valuation method? A) FIFO. B) LOFO. C) LIFO. D) Weighted average.
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Question

Quizplus · Accepted Answer

LOFO (Last Out, First Out) is not a generally recognized method of inventory valuation. FIFO (First In, First Out), LIFO (Last In, First Out), and Weighted Average are commonly used and recognized methods for valuing inventory.

Which of the Following Is Not a Generally Recognized of Inventory