Which of the following is not an acceptable inventory costing method?
A) specific identification
B) last-in, first-out (lifo)
C) first-in, first-out (fifo)
D) average cost
E) next-in, first-out (nifo)

Question

Quizplus · Accepted Answer

Next-in, first-out (NIFO) is not a recognized or acceptable inventory costing method under generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS).

Which of the Following Is Not an Acceptable Inventory Costing