... under the latest acquisition cost method?10 (SFFAS 3, par. 24 & 25) 45) If the latest acquisition cost method is used to value inventory, is the reported cost of goods sold adjusted ... (SFFAS 3, par. 30) 10 Cost of goods sold under the latest acquisition cost method equals (1) beginning inventory at beginning-of-the period latest acquisition cost, less: beginning allowance ... generally accepted accounting principles (U.S. GAAP).1 The previous checklist, FAM 1050, Checklist for Federal Accounting, Reporting, and Disclosures (July 2004), included guidance for accounting, ...