Which of the following is not an acceptable method of determining inventory cost under GAAP?
A)FIFO.
B)LIFO.
C)Average cost.
D)All of the above are acceptable.

Question

Quizplus · Accepted Answer

All of the above methods (FIFO, LIFO, and average cost) are acceptable for determining inventory cost under GAAP. However, a company must consistently use the same method and disclose their method of choice in their financial statements.

Which of the Following Is Not an Acceptable Method of Determining