Which of the following is not an acceptable inventory costing method under IFRS?
A)FIFO
B)LIFO
C)Specific identification
D)Average cost

Name: Which of the following is not an acceptable inventory costing method under IFRS? A)FIFO B)LIFO C)Specific identification D)Average cost
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Question

Quizplus · Accepted Answer

LIFO (Last-In-First-Out) is not an acceptable inventory costing method under IFRS (International Financial Reporting Standards). All other options (FIFO, Specific identification, Average cost) are acceptable under IFRS.

Which of the Following Is Not an Acceptable Inventory Costing