Which of the following is a required disclosure for inventory?
A)Inventory valuation method used (FIFO,LIFO,moving average)and percentage of inventory valued under each method.
B)LIFO or current cost if the inventory is valued using FIFO.
C)Type of inventory system used (periodic or perpetual).
D)All of the above.

Question

Quizplus · Accepted Answer

Inventory valuation method used (FIFO, LIFO, moving average) and the percentage of inventory valued under each method are required disclosures to ensure transparency and consistency in financial reporting, allowing users of financial statements to understand how inventory is valued and compare financial information accurately.

Which of the Following Is a Required Disclosure for Inventory