As per AS 2 the historical cost of inventories should normally be determined by using mdash ........

Accountancy (Phase -I & II) Accounting standards

Download Solution PDF

As per AS-2, the historical cost of inventories should normally be determined by using—

FIFO and Weighted Average Cost Method

FIFO and LIFO Method

LIFO and Weighted Average Cost Method

FIFO and Simple Average Cost Method

छोटे Courses बड़े Results

Master Accounting standards

Prepare through Micro-courses

Try Now

Explanation:

AS 2 – Valuation of Inventories. According to the main difference between the FIFO and weighted average method is in the treatment of beginning work-in-process or unfinished goods inventory. The weighted average method includes this inventory in computing process costs, while the FIFO method keeps it separate.