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What are a major advantage and a major disadvantage of the specific identification method of inventory costing?
A major advantage of the specific identification method of inventory costing is its accuracy, as it tracks the actual cost of each specific item sold, making it particularly useful for unique or high-value items. However, a significant disadvantage is its complexity and administrative burden, as it requires detailed record-keeping and tracking of each individual inventory item, which can be impractical for businesses with large volumes of similar products.
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What is the specific identification method?
Specific Identification requires the linkage of individual inventory items with the exact purchase cost of each unit
Which one of the following inventory methods is often impractical to use specific identification lifo fifo average cost?
Specific identification....I guess average cost but this turned out to be the right answer :/
What companies would be more likely to use the specific identification inventory costing method?
walmart
What is the advantage and disadvantage of using thermostat in an iron?
The advantage of using the thermostat is so you don't burn or scorch your clothes when you are using it. An iron can become very hot quickly.
What is the specific identification method for inventory costing?
The specific identification method for inventory costing is an accounting technique that tracks the actual cost of each individual item in inventory. This method is most suitable for businesses that sell high-value or unique items, such as cars or jewelry, where each item can be distinctly identified. When an item is sold, its specific cost is recorded as the cost of goods sold, providing an accurate reflection of inventory costs. This method allows for precise matching of revenue and expenses but can be cumbersome for businesses with large volumes of similar items.
Specific identification inventory method?
The specific identification inventory method is an inventory valuation approach that tracks each individual item in stock, allowing a business to match specific costs to specific items sold. This method is particularly useful for businesses dealing with unique, high-value items, such as cars or fine art, where each item can have a distinct cost. By using this method, companies can provide precise profit margins for each sale, but it can be labor-intensive and impractical for businesses with large volumes of similar items. Overall, it enhances accuracy in inventory management and financial reporting.
What is the advantage and disadvantage of an informative speech?
Advantage: Informative speeches provide valuable information, educate the audience on a specific topic, and help clarify complex ideas. Disadvantage: They can sometimes be perceived as boring or dry if not delivered in an engaging manner, leading to audience disinterest.
A company whose inventory consists of very unique items would probably use which inventory method?
A company with a unique inventory would likely use the specific identification method for inventory management. This approach allows the company to track each individual item and its specific cost, which is essential for unique items that may vary widely in value. This method provides accurate cost of goods sold and inventory valuation, ensuring precise financial reporting.
What is a disadvantage and an advantage of mass produced cabinets?
An advantage of mass-produced cabinets is their affordability, as they are typically less expensive due to economies of scale and standardized production processes. However, a disadvantage is that they often lack customization and uniqueness, making it difficult for consumers to find options that perfectly fit their specific style and space requirements.
List one advantage and one disadvantage of three different methods used to find specific locations on maps?
Advantage of using GPS: Provides real-time location information for precise navigation. Disadvantage: Requires a clear view of the sky for satellite signals to be received accurately. Advantage of using landmarks: Easy to visually identify and remember for navigation. Disadvantage: Landmarks can change over time, leading to potential confusion. Advantage of using map coordinates: Provides a universal method for pinpointing exact locations. Disadvantage: Requires knowledge of coordinate systems and can be challenging for some individuals to interpret.
Advantages and disadvantages of chain restaurant?
Advantage of a chain restaurant is: The owner is able to expand the business and maximize his profits by allocating franchises in other countries. Disadvantage of a chain restaurant can be (if not maintained) maintaining the food quality, and other measures of a specific standard in all the franchises
What are the Advantage and disadvantage of innate immunity?
Advantage is that it gives a specific response. In a secondary exposure it responds so quickly you may not even feel sick. It is able to retain a long term memory against that specific pathogen as well. Disadvantage is that primary exposure it takes 1-2 weeks to start producing a response against a foreign pathogen. Also it is possible for your adaptive immunity to attack self cells, also called autoimmunity.
