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    Question

    Under which of the following methods is the latest cost

    of inventories charged to production but the old prices are charged to inventories in hand?┬а
    A LIFO Correct Answer Incorrect Answer
    B FIFO Correct Answer Incorrect Answer
    C Weighted Average Correct Answer Incorrect Answer
    D Marginal Correct Answer Incorrect Answer
    E ABC method Correct Answer Incorrect Answer

    Solution

    LIFO or last in first out method is one in which the latest inventory purchased is used in production first. This method is prohibited to be used as per Ind AS 2

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