Question

Of the four companies listed below, which company is more likely to use specific identification to value their inventory and cost of goods sold?

Answer 1

The question is incomplete as the options are not given. So, I am giving a general answer.

Specific identification is a kind of inventory costing method. This method of costing inventories is put to use when the company tries to sell a limited quantity of goods that are costly and are of high-cost per unit.

The most common examples of stores or companies that use the specific identification method to value their goods and inventories are - the Music stores that specialize in organ sales; Farm implements dealership; Antique shops, etc.

Specific identification method is a kind of inventory method that is the most time-consuming. Another problem with this method is that the management can manipulate the income results.

Answer 2

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