Answer (D) is correct . The last-in, first-out (LIFO) method is prohibited by IFRS. This method is based on the assumption that the newest items are sold first. Its effect is to include current prices in cost of goods sold. But the LIFO assumption ordinarily does not match actual inventory use.
Answer (A) is incorrect because The first-in, first-out method is permitted by IFRS.
Answer (B) is incorrect because The specific identification method is permitted by IFRS.
Answer (C) is incorrect because The weighted average cost method is permitted by IFRS.
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