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

Question

Quizplus · Accepted Answer

The question asks about methods used to assign costs between cost of sales and closing inventory. Lower of cost and net realisable value is not a method used to assign costs, but rather a principle used to value inventory at the lower amount between its cost and its net realisable value. Therefore, choice C is the correct answer. Choices A, B, and D are all methods used to assign costs between cost of sales and closing inventory.

Which of These Is Not One of the Methods Used