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