Acceptable methods of assigning specific costs to inventory and cost of goods sold include all of the following except:
A) LIFO method.
B) FIFO method.
C) Specific identification method.
D) Weighted average method.
E) Retail method.

Question

Quizplus · Accepted Answer

The retail method is not an acceptable method of assigning specific costs to inventory and cost of goods sold, as it is only used for estimating cost of goods sold based on the relationship between the cost and the retail price of goods. The other options (LIFO, FIFO, specific identification, and weighted average) are all acceptable methods of assigning specific costs to inventory and cost of goods sold. The choice of which method to use depends on the business's specific needs and circumstances.

Acceptable Methods of Assigning Specific Costs to Inventory and Cost