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Which costing method requires running the inventory close?

A company has items in inventory with two costing methods: FIFO and Standard. The company needs to calculate the cost of all items at month end and provide a total inventory value to the finance department.

You need to determine the total value of inventory.

Which costing method requires running the inventory close?
A . FIFO and Standard Cost items
B. FIFO items only
C. LIFO, Moving Average, and Date Weighted Average items
D. Standard Cost items only

Answer: B

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