Which of the Following Is Not an Acceptable Inventory Costing

question 21

Multiple Choice

Which of the following is not an acceptable inventory costing method?

• A) specific identification
• B) last-in, first-out (lifo)
• C) first-in, first-out (fifo)
• D) average cost
• E) next-in, first-out (nifo)

---

Definitions:

Indirect Tax

Tax on a thing rather than on a particular person; for example, sales tax.

Social Security Tax

A payroll tax collected to fund the Social Security program, which provides retirement, disability, and survivorship benefits to eligible Americans.

Government Role

The involvement and responsibilities assumed by a government in regulating and guiding the economy, protecting citizens, and providing public services.

Federal Tax Revenue

The income received by the federal government from taxes imposed on individuals, corporations, and other entities, used to fund public goods and services.