Under IAS 2/AASB 102 the costing method that is not permitted is:
A) FIFO.
B) LIFO.
C) weighted/moving average.
D) specific identification.

Question

Quizplus · Accepted Answer

According to IAS 2/AASB 102, the costing methods that are permitted are FIFO, weighted/moving average, and specific identification. However, LIFO is not allowed as an acceptable costing method under these standards. Therefore, the best choice is B) LIFO.

Under IAS 2/AASB 102 the Costing Method That Is Not