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Describes the actual flow of inventory

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Reference no: EM132572980

Question 1: Companies can choose any inventory cost flow method as long as it accurately describes the actual flow of inventory.

Group of answer choices

Option 1: True.

Option 2: False, companies do not have the ability to choose which method they will use.

Option 3: False, companies can choose any method regardless of whether it describes the actual flow of inventory or not.

Option 4: False, companies must all start with the same inventory cost flow method and then from there can only change the method they use if they get special permission from the SEC.

Reference no: EM132572980

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