Which of the following is not one of the methods used to assign costs between cost of sales and closing inventory?
A) First-in first-out
B) Weighted average
C) Specific identification
D) Lower of cost and net realisable value

Question

Quizplus · Accepted Answer

The lower of cost and net realisable value method is used to value inventory, but it doesn't involve assigning costs between cost of sales and closing inventory. The other three options - first-in first-out, weighted average, and specific identification - are all methods used to assign costs between cost of sales and closing inventory.

Which of the Following Is Not One of the Methods