Which costing method cannot be used to determine the cost of inventory items before lower-of-cost-or-net realizable value is applied?
A) Specific identification
B) FIFO
C) LIFO
D) All of these methods can be used.

Question

Quizplus · Accepted Answer

All the mentioned costing methods (Specific identification, FIFO, and LIFO) can be used to determine the cost of inventory items before applying the lower-of-cost-or-net realizable value rule.

Which Costing Method Cannot Be Used to Determine the Cost