Accounting · Inventory Valuation
First-In, First-Out (FIFO) is one method allowed by IAS 2 (Inventories) for determining the purchase price or cost of production of finished goods inventory. Which of the following cost formulas is also explicitly allowed under IAS 2?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both Last-In, First-Out (LIFO) and Weighted Average Cost
- 2Only Last-In, First-Out (LIFO)
- 3Only Weighted Average Cost✓
- 4Neither Last-In, First-Out (LIFO) nor Weighted Average Cost
Correct answer
Only Weighted Average Cost
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