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Question
The costing method that deals with inventory items that may be identified individually are:
The costing method that deals with inventory items that may be identified individually are:
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Solution
(A) LIFO
(B) FIFO
(C) Specific unit cost or specific identification
(D) weighted average cost
Answer (C): Specific unit cost or specific identification
Explanation: The specific identification strategy identifies with stock valuation, explicitly monitoring every particular thing in stock and allotting costs exclusively instead of gathering things together. It is valuable and usable when an organization can distinguish, mark, and track everything or unit in its stock.
(A) LIFO
(B) FIFO
(C) Specific unit cost or specific identification
(D) weighted average cost
Answer (C): Specific unit cost or specific identification
Explanation: The specific identification strategy identifies with stock valuation, explicitly monitoring every particular thing in stock and allotting costs exclusively instead of gathering things together. It is valuable and usable when an organization can distinguish, mark, and track everything or unit in its stock.
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