Which costing method requires running the inventory close?

A company has items in inventory with two costing methods: FIFO and Standard.

The company needs to calculate the cost of all items at month end and provide a total inventory value to the finance department. You need to determine the total value of inventory.

Which costing method requires running the inventory close?
A . FIFO and Standard Cost items
B . FIFO items only
C . LIFO, Moving Average, and Date Weighted Average items
D . Standard Cost items only

View Answer

Answer: B