Which of the following is not considered an acceptable inventory cost method according to GAAP?
A)First-in,first-out
B)First-in,last-out
C)Last-in,first-out
D)Average cost

Question

Quizplus · Accepted Answer

According to GAAP (Generally Accepted Accounting Principles), LIFO (Last-in, First-out) is not an acceptable inventory cost method. FIFO (First-in, First-out), average cost, and specific identification are acceptable methods.

Which of the Following Is Not Considered an Acceptable Inventory