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

Question

Quizplus · Accepted Answer

LIFO (Last-In, First-Out) is not allowed under IAS 2, while FIFO (First-In, First-Out), Weighted average, and Retail inventory method are all allowed.

Which of the Following Inventory Valuation Methods, Commonly Used Under