Which of the Following Methods for Determining Inventory Cost Is

question 20

Multiple Choice

Which of the following methods for determining inventory cost is not allowed by GAAP?

• A)Average cost.
• B)FIFO.
• C)LIFO.
• D)Standard cost.

---

Definitions:

Corporate Bond

A debt security issued by a corporation to raise capital from investors, promising to pay back the principal amount with interest.

Stock

A type of financial security that represents a proportion of ownership in a corporation, giving the holder a claim to part of the company's profits and assets.

NDP

Net Domestic Product, a measure of a country's economic output that accounts for depreciation. It represents the total value of all goods and services produced within a country's borders minus the depreciation of its capital goods.

United States

A country in North America known for its large economy and diverse population, officially known as the United States of America.