Which of the Following Statements Is INCORRECT Regarding the Overriding

Multiple Choice

Which of the following statements is INCORRECT regarding the overriding objectives underlying inventory standards and guide management?

A) Report an inventory cost on the statement of financial position that is representative of the
Inventory's recent cost.
B) Choose an approach that corresponds as closely as possible to the physical flow of
Goods.
C) Use the same method for all inventory assets that have similar economic characteristics.
D) It is permissible under ASPE to use any inventory method, including LIFO.