different inventory costing methods
Accounting methods. First-in, first-out (FIFO); last-in, first-out (LIFO); weighted-average cost; and specific identification are acceptable accounting methods for determining cost of inventory. FIFO and weighted-average cost are acceptable accounting methods for determining cost of inventory; LIFO is not permitted. The specific identification method is required for inventory items that are not ordinarily interchangeable and for goods or services produced and segregated for specific projects.