Which one of the following inventory methods is often impractical to
use?
LIFO
FIFO
Specific identification
Average cost
12 -
Multiple Choice Question 132
Overstating ending inventory will overstate all of the following except
net income.
owner’s equity.
assets.
cost of goods sold.
13-
IFRS Multiple Choice Question 232
Under IFRS, companies can choose which inventory system?
LIFO FIFO
Yes No
Yes Yes
No Yes
No No