1. Which of the following inventory valuation methods is not permitted by IFRS?
C. Weighted average cost
2. Jackson Enterprises uses the FIFO inventory valuation method. The company bought 400 generators at a price of $300 each on January 5, 2012. 300 of these generators were sold off at a price of $450 each by the end of March, 2012. On April 10, 2012, 250 more generators were bought at a price of $325 each. By May 31, 2012, 225 generators were further sold off at a price of $500 each. What would be the inventory on June 1, 2012 for the company?
3. Which of the following methods requires a separate purchases account?
A. Periodic inventory system
B. Perpetual inventory system
C. Specific identification valuation method