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)

Question

Quizplus · Accepted Answer

Next-In,First-Out (NIFO) is not an acceptable inventory costing method. It is not a commonly used method and is not recognized under generally accepted accounting principles (GAAP).

Which of the Following Is Not an Acceptable Inventory Costing