Asked by
Jordan Johnson
on Dec 16, 2024
Verified
Of the following businesses, which one would not be likely to use the specific identification formula for inventory costing?
A) piano store
B) car dealership
C) antique shop
D) grocery store
Specific Identification
An inventory valuation method where each item in inventory is matched with a specific cost.
Inventory Costing
Inventory costing is the method used to assign costs to inventory items, determining the cost of goods sold and remaining inventory value.
- Attain proficiency in recognizing the effects of adopting various inventory cost calculation approaches such as FIFO, average cost, and specific identification amidst fluctuating market situations.
- Comprehend the selection procedure and importance of selecting a suitable inventory costing method by management.
Verified Answer
AJ
Learning Objectives
- Attain proficiency in recognizing the effects of adopting various inventory cost calculation approaches such as FIFO, average cost, and specific identification amidst fluctuating market situations.
- Comprehend the selection procedure and importance of selecting a suitable inventory costing method by management.