Which Statement Is Correct About Using a Cost Flow Assumption

Multiple Choice

Which statement is correct about using a cost flow assumption?

A) An organization must use the same cost flow assumption as other organizations in its industry.
B) There is only one acceptable cost flow assumption under GAAP in Canada.
C) In Canada, organizations can use the FIFO or weighted average cost flow assumptions.
D) In Canada, organizations can use the FIFO, LIFO or weighted average cost flow assumptions.