Which of the following inventory valuation methods commonly used in the U.S.is NOT allowed under IAS 2 (Inventories)?
A)LIFO
B)FIFO
C)weighted average
D)retail inventory method

Name: Which of the following inventory valuation methods commonly used in the U.S.is NOT allowed under IAS 2 (Inventories)? A)LIFO B)FIFO C)weighted average D)retail inventory method
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Question

Quizplus · Accepted Answer

LIFO (Last In, First Out) is not allowed under IAS 2 because it can result in lower taxes and does not reflect the actual flow of inventory costs.

Which of the Following Inventory Valuation Methods Commonly Used in the U.S.is