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What is the specific identification method for inventory costing?
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What companies would be more likely to use the specific identification inventory costing method?
walmart
The specific identification method of costing inventories is used when the?
company sells a limited quantity of high-unit cost items.
The consistent application of an inventory costing method enhances?
accuracy
The inventory costing method that reflects the cost flow in the reverse order and will report the earliest costs in ending inventory is?
The inventory costing method that reflects the cost flow in the reverse order and will report the earliest costs in ending inventory is last in first out. This makes use of a perpetual inventory system.
Is the inventory costing method that assigns the most recent costs to the most recently sold inventory?
LIFO - Last In First Out
What companies would be more likely to use the specific identification inventory costing method?
walmart
Inventory costing method?
There are different inventory costing methods an accountant can use for cost o goods sold accounting. The methods include last in, first out, average cost method, first in, first out, and specific identification method.
What is the specific identification method?
Specific Identification requires the linkage of individual inventory items with the exact purchase cost of each unit
The specific identification method of costing inventories is used when the?
company sells a limited quantity of high-unit cost items.
The selection of an inventory costing method has no significant impact on the financial statements true or false?
The selection of an inventory costing method has no significant impact on the financial statements. true or false
The consistent application of an inventory costing method enhances?
accuracy
The inventory costing method that reflects the cost flow in the reverse order and will report the earliest costs in ending inventory is?
The inventory costing method that reflects the cost flow in the reverse order and will report the earliest costs in ending inventory is last in first out. This makes use of a perpetual inventory system.
What inventory costing method that assigns the most recent costs to the most recently sold inventory?
LIFO - Last In First Out
Is the inventory costing method that assigns the most recent costs to the most recently sold inventory?
LIFO - Last In First Out
What is the inventory costing method that charge the most recent incurred against revenue?
LIFO
What is the inventory costing method that charges the most recent costs incurred against revenue?
LIFO
Which inventory costing method is often adopted when a company prefers a middle of the road approach?
FIFO
