Oats and Honey Company Produces Healthy Snacks for Sale Throughout

Multiple Choice

Oats and Honey Company produces healthy snacks for sale throughout the United States and Europe. The International Accounting Standards Board (IASB) prohibits Oats and Honey from using which of the following cost flow assumptions for its inventory?

A) LIFO (last-in, first-out) .
B) Specific identification.
C) Weighted-average.
D) The IASB allows any of these cost flow assumptions as long as the company uses it consistently.