Which of the following procedures does not exist for the valuation of inventory outflows?
A) First-In,First-Out (FIFO)
B) Weighted average cost method (WAC)
C) First-In,Last-Out (FILO)
D) Specific identification method

Question

Quizplus · Accepted Answer

The correct term for inventory outflows is the cost of goods sold (COGS). The three methods mentioned - FIFO, WAC, and specific identification - are all commonly used for the valuation of COGS. However, First-In,Last-Out (FILO) is not a recognized inventory valuation method.

Which of the Following Procedures Does Not Exist for the Valuation