The specific identification method individually identifies and records the cost of each item sold as Cost of Goods Sold.

Name: The specific identification method individually identifies and records the cost of each item sold as Cost of Goods Sold.
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Question

Quizplus · Accepted Answer

The specific identification method determines the exact cost of each item sold and records it as Cost of Goods Sold. It is different from other cost flow methods, such as FIFO or LIFO, which calculate a weighted average cost of goods sold.

The Specific Identification Method Individually Identifies and Records the Cost