[amp_mcq option1=”Fixed assets” option2=”Investments” option3=”Raw material to be issued” option4=”All of these” correct=”option3″]<\/p>\n
The correct answer is: C. Raw material to be issued<\/strong><\/p>\n FIFO and LIFO are valuation methods of raw material to be issued.<\/p>\n Both FIFO and LIFO are acceptable methods of accounting for inventory. However, they can result in different financial statements. For example, FIFO will typically result in a higher cost of goods sold and a lower net income than LIFO.<\/p>\n The choice of inventory valuation method is a significant accounting decision. It should be made based on the needs of the business and the requirements of the accounting standards.<\/p>\n A. Fixed assets are assets that are expected to be used for more than one year. They are not included in the cost of goods sold. [amp_mcq option1=”Fixed assets” option2=”Investments” option3=”Raw material to be issued” option4=”All of these” correct=”option3″]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[952],"tags":[],"class_list":["post-51727","post","type-post","status-publish","format-standard","hentry","category-costing","no-featured-image-padding"],"yoast_head":"\n\n
\nB. Investments are assets that are held for the purpose of generating income or capital appreciation. They are not included in the cost of goods sold.<\/p>\n","protected":false},"excerpt":{"rendered":"