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.
Inventory 8 - 21

Question

Quizplus · Accepted Answer

The conventional retail method estimates inventory value by comparing the cost to the market price, ensuring it is valued at the lower of the two, which aligns with the lower of average cost and market principle.

An Inventory Method Which Is Designed to Approximate Inventory Valuation