Colum

I would think the answer is FIFO for a couple of reasons. You can strike I and IV pretty easily. Specific ID doesn't make sense given the question and I would be hesitant to put LIFO because it isn't allowed under IFRS (I know the question doesn't specifically say it, but still).

I think that CFAI loves FIFO, unless you have a good reason to choose another way. It also matches ending inventory closest to replacement value.



Edited 1 time(s). Last edit at Thursday, August 25, 2011 at 10:25AM by krazykanuck.