Question

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

Answer 1

D

Step-by-step explanation:

Answer 2

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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