Which of the following inventory costing method is not permitted by ASPE and IFRS in Canada?
A)FIFO.
B)LIFO
C)Specific identification method
D)Weighted average cost method

Question

Quizplus · Accepted Answer

LIFO (Last-In, First-Out) inventory costing method is not permitted by ASPE (Accounting Standards for Private Enterprises) and IFRS (International Financial Reporting Standards) in Canada.

Which of the Following Inventory Costing Method Is Not Permitted