Replenish, Inc

question 62

Multiple Choice

Replenish, Inc. develops and produces sports drinks for sale throughout the United States and Europe. The International Accounting Standards Board (IASB) prohibits Replenish, Inc. from using which of the following cost flow assumptions for its inventory?

• A) LIFO (last-in, first-out).
• B) Specific identification.
• C) Weighted-average.
• D) The IASB allows any of these cost flow assumptions as long as the company uses it consistently.

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