The two most widely used methods for determining the cost of inventory are:
A)FIFO and LIFO.
B)FIFO and average cost.
C)LIFO and average cost.
D)specific identification and average cost.

Name: The two most widely used methods for determining the cost of inventory are: A)FIFO and LIFO. B)FIFO and average cost. C)LIFO and average cost. D)specific identification and average cost.
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Question

Quizplus · Accepted Answer

FIFO (First-In, First-Out) and LIFO (Last-In, First-Out) are the two most widely used methods for inventory costing.

The Two Most Widely Used Methods for Determining the Cost