Which costing method cannot be used to determine the cost of inventory items before lower-of-cost-or-market is applied?

A) Specific identification
B) FIFO
C) LIFO
D) All of these methods can be used.

Lower-of-cost-or-market

An accounting principle that states assets should be recorded at the lower value of either its cost or its market value.

Specific Identification

An accounting method used to track and assign costs to individual inventory items.

Costing Method

An approach or procedure used to assign costs to products or services, including methods like job order costing, process costing, and activity-based costing.