IFRS Which inventory costing method is prohibitedunder IFRS?a) FIFOb) LIFOc) Weighted averaged) Specific identification

Answered: Which inventory costing method is…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

ChapterC: International Financial Reporting Standards (ifrs)

Section: Chapter Questions

Problem 7DQ

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Similar questions

Why do consignment arrangements present a challenge in inventory management? Explain.
Under IFRS, which of the following methods is not acceptable for the valuation of inventory? a. LIFO. b. FIFO. c. Average cost. d. Specific identification
Which inventory method is least likely to be used under IFRS? A . First in, fi rst out (FIFO).
Which of the following, if compared to the other methods for valuing inventory, has a material difference? A. LIFO B: FIFO C: Weighted Average D: Specific Identification.
What is the purpose of disclosing the difference between the reported LIFO inventory amounts and replacement cost, assuming that replacement cost is equivalent to a FIFO basis?
Under which of the following inventory costing methodologies can lower-of-cost-or-market be used? O FIFO LIFO Weighted average Specific identification
Describe the differences between an inventory system that uses a set quantity (Q) and one that uses a fixed period (P).
Which inventory method is being used when the natural flow of goods is followed? a.) Specific ID b.) LIFO O C.) FIFO o d.) Weighted average
Explain the lower of cost or market rule for inventory valuation and explain why it is GAAP.
Which of the following inventory method measures most closely the current cost of inventory? a. FIFO b. LIFO c. Weighted average d. Specific identification
Which inventory costing method is almost always done on a perpetual basis?A. specific identificationB. first-in, first-outC. last-in, first-outD. weighted average
Which of the following is accounted for prospectively? Change in reporting entity. Change in the percentage used to determine warranty expense. Correction of an error. Changes from the weighted-average method of inventory costing to FIFO.

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Which inventory costing method is prohibited under IFRS? a) FIFO b) LIFO c) Weighted average d) Specific identification