Which of the following method is based on the assumption that costliest materials are issued first and inventory is valued at the lowest possible price —

CS Executive · Cost and Management Accounting · PYQS · June 2015
Which of the following method is based on the assumption that costliest materials are issued first and inventory is valued at the lowest possible price —
(A) FIFO method
(B) LIFO method
(C) Highest-in-first-out method
(D) Weighted average method.

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Material Costing

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