An inventory method which is designed to approximate inventory valuation at the lower of average cost and market is
A)last-in, first-out.
B)weighted average.
C)conventional retail method.
D)specific identification.

Question

Quizplus · Accepted Answer

The conventional retail method approximates inventory valuation at the lower of average cost and market by using a cost-to-retail percentage and applying it to the ending inventory at retail prices.

An Inventory Method Which Is Designed to Approximate Inventory Valuation