Which of the Following Inventory Valuation Methods Commonly Used in the U.S.is

question 20

Multiple Choice

Which of the following inventory valuation methods commonly used in the U.S.is NOT allowed under IAS 2 (Inventories) ?

• A)LIFO
• B)FIFO
• C)weighted average
• D)retail inventory method

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Definitions:

Long-Term Assets

Assets that are expected to provide economic benefits beyond one year, including property, plant, equipment, and intangible assets.

Employee Wages

Compensation paid to employees for their labor, including salaries, hourly wages, and commissions.

Operating Expenses

The costs associated with the normal operations of a business, such as salaries, rent, and utilities.

Financial Statements

Compiled reports detailing the financial activities and position of a business, person, or other entity.