Which one of the following statements is true of specific identification?

AFlow of goods and flow of cost are the same.
BEnding inventory isn't associated with specific purchase prices.
CLow-cost items aren't used in this method.
DThe specific purchase invoice prices aren't used.

Specific identification exists as a manner of discovering ending inventory costs. It needs a detailed physical count so that the company knows precisely how many of each good bought on precise dates comprise the year-end inventory. This approach exists applicable when personal items can be identified, such as with a serial numeral, stamped receipt date, bar code, or RFID tag.

Therefore, the (A) option exists as the correct answer.

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Which one of the following statements is true of specific identification? AFlow of goods and flow of cost are the same. BEnding inventory isn't associated with specific purchase prices. CLow-cost items aren't used in this method. DThe specific purchase invoice prices aren't used.

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What is Specific identification?

Related Questions

Which one of the following statements is true of specific identification?

AFlow of goods and flow of cost are the same.
BEnding inventory isn't associated with specific purchase prices.
CLow-cost items aren't used in this method.
DThe specific purchase invoice prices aren't used.