Inventory Valuation Method

[KimLee]

Reading 29, Q.19
The answer states that “FIFO is an acceptable, but not preferred, method under IFRS”
Which Inventory Valuation Method is preferred under IFRS? and which is preferred under GAAP?
I’m aware LIFO is not permitted under IFRS.

 

[rawraw]

With regards to IFRS – if it’s not FIFO and not LIFO, it must be weighted average cost.
I don’t know the answer to preference under GAAP.