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    Question

    Which is not permitted under AS-2 for inventory

    valuation?
    A FIFO Correct Answer Incorrect Answer
    B Weighted Average Correct Answer Incorrect Answer
    C LIFO Correct Answer Incorrect Answer
    D NRV Correct Answer Incorrect Answer
    E Specific Identification Correct Answer Incorrect Answer

    Solution

    LIFO is not permitted under AS-2; NRV and others are acceptable methods.

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