Which Costing Method Cannot Be Used to Determine the Cost

question 192

Multiple Choice

Which costing method cannot be used to determine the cost of inventory items before lower-of-cost-or-net realizable value is applied?

• A) Specific identification
• B) FIFO
• C) LIFO
• D) All of these methods can be used.

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Definitions:

Tariffs

Taxes imposed on imported goods and services, which are typically used by governments to protect domestic industries, raise revenue, or exert political leverage.

Trade Restrictions

Regulations or policies that countries adopt to limit the import and export of goods and services, often to protect domestic industries.

Secondary Effects

Unintended consequences of economic actions, which may manifest in areas not directly targeted by the initial action.

Unintended Consequences

Outcomes that occur as a result of actions or policies that were not anticipated or intended by the actors involved.