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Generally Accepted Accounting Principles (GAAP): Currently, GAAP permits companies to choose between several methods of...

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Accounting

Generally Accepted Accounting Principles (GAAP): Currently, GAAP permits companies to choose between several methods of valuing inventory, such as FIFO, LIFO, specific identification, and average cost. International Financial Reporting Standards prohibit LIFO. Describe a type of business where the flow of the goods sold or produced would match up with the FIFO or LIFO methods. Do you think it is okay for the business to use a different method to value their inventory?

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