Economics · Accounting Standards & Inventory Valuation
According to the valuation rules prescribed under Accounting Standard (AS) 2, which of the following inventory cost formulae is specifically prohibited for use in financial statements?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Moving Average Method
- 2Last In First Out (LIFO)✓
- 3Weighted Average Cost
- 4First In First Out (FIFO)
Correct answer
Last In First Out (LIFO)
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