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) gross profit 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) gross profit 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 determining the cost of inventory.

The Two Most Widely Used Methods for Determining the Cost