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100 POINTS NEED HELP Which accounting system (or systems) allows for the FIFO method of inventory valuation? A. IFRS only C. Neither IFRS nor GAAP B. GAAP only D. Both IFRS and GAAP
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1 vote
1 vote
100 POINTS NEED HELP Which accounting system (or systems) allows for the FIFO method of inventory valuation?

A. IFRS only
C. Neither IFRS nor GAAP
B. GAAP only
D. Both IFRS and GAAP

User Bobby Matson
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2.6k points

2 Answers

16 votes
16 votes

Answer:

D

Step-by-step explanation:

User Slavic
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2.7k points
26 votes
26 votes

Answer:

Both IFRS and GAAP

Step-by-step explanation:

Both GAAP and IFRS allow First In, First Out (FIFO), weighted-average cost, and specific identification methods for valuing inventories.

However, GAAP also allows the Last In, First Out (LIFO) method, which is not allowed under IFRS (extra info)

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User Shutsman
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