The acceptable cost formulas for computing inventories are:

1. Specific Identification: This method is used when the individual items in the inventory are significantly different from each other. It involves tracking each individual item in the inventory.

2. First-In, First-Out (FIFO): This method assumes that the first goods purchased or produced are the first ones to be sold. The remaining inventory is valued at the most recent purchase or production cost.

3. Last-In, First-Out (LIFO): This method assumes that the most recently purchased or produced goods are sold first. The remaining inventory is valued at the earliest purchase or production cost.

4. Weighted Average Cost: This method calculates a new average cost each time a purchase is made. The cost of goods sold and the ending inventory are then based on this average cost.

These methods are acceptable under both International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), with the exception of LIFO, which is not allowed under IFRS.

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The acceptable cost formulas for computing inventories are:

1. Specific Identification: This method is used when the individual items in the inventory are significantly different from each other. It involves tracking each individual item in the inventory.

2. First-In, First-Out (FIFO): This method assumes that the first goods purchased or produced are the first ones to be sold. The remaining inventory is valued at the most recent purchase or production cost.

3. Last-In, First-Out (LIFO): This method assumes that the most recently purchased or produced goods are sold first. The remaining inventory is valued at the earliest purchase or production cost.

4. Weighted Average Cost: This method calculates a new average cost each time a purchase is made. The cost of goods sold and the ending inventory are then based on this average cost.

These methods are acceptable under both International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), with the exception of LIFO, which is not allowed under IFRS.

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The acceptable cost formulas for computing inventories are:

1. Specific Identification: This method is used when the individual items in the inventory are significantly different from each other. It involves tracking each individual item in the inventory.

2. First-In, First-Out (FIFO): This method assumes that the first goods purchased or produced are the first ones to be sold. The remaining inventory is valued at the most recent purchase or production cost.

3. Last-In, First-Out (LIFO): This method assumes that the most recently purchased or produced goods are sold first. The remaining inventory is valued at the earliest purchase or production cost.

4. Weighted Average Cost: This method calculates a new average cost each time a purchase is made. The cost of goods sold and the ending inventory are then based on this average cost.

These methods are acceptable under both International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP), with the exception of LIFO, which is not allowed under IFRS.

What are the acceptable cost formula in computing Inventories?

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