Question

Question 7 :
Specific Identification method of inventory
valuation is used in case of
Coconut Oil
Antiques
Textiles
Steel​

Answer 1

It is used in the case of Antiques.

• It is the method to determine various inventory costs.
• The approach for valuing inventory costs can be useful when the items for sale are distinct, such as fine art, antiques, rare coins or hand tailored attire etc.
• The approach is focused on the movement of recognizable inventory objects in an out-of-stock situation and when individual items can be clearly marked using a serial number or stamped receipt date.