A corporation is starting to produce glasses with smart phone capabilities.Generally,a business producing this type of product will want to elect the LIFO inventory method.

Question

Quizplus · Accepted Answer

The selection of inventory method (LIFO, FIFO, or average cost) is not dependent on the type of product being produced. It is a decision based on the company's specific accounting policies and goals.

A Corporation Is Starting to Produce Glasses with Smart Phone