Which of the Following Is Not an Acceptable Inventory Costing

question 23

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)

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Definitions:

Liability

A financial obligation or amount owed by an individual or entity, typically representing loans or accounts payable.

Asset

Resources owned or controlled by a business that are expected to produce future economic benefits.

Liability

A financial debt or obligation that an entity is required to pay to another entity in the future.

Creditor

An individual, organization, or other entity that lends money or extends credit to another party.