Which of the Following Is Not Considered an Acceptable Inventory

question 30

Multiple Choice

Which of the following is not considered an acceptable inventory cost method according to GAAP?

• A)First-in,first-out
• B)First-in,last-out
• C)Last-in,first-out
• D)Average cost

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Definitions:

Ethnocentrism

The belief in the inherent superiority of one's own ethnic group or culture, often accompanied by a lack of understanding for other cultures.

Cultures

The shared values, practices, and social behaviors of particular groups, communities, or societies, often distinguished by tradition, language, and collective identity.

Metric System

An international decimal system of weights and measures based on the meter for length and the kilogram for mass.

International Trade

The exchange of goods, services, and capital across international borders, facilitating global economic activity.