Which cost flow assumption assigns the actual cost of a unit to that unit of inventory?
A)FIFO
B)LIFO
C)Average cost
D)Specific identification

Question

Quizplus · Accepted Answer

Specific identification assigns the actual cost of a unit to that specific unit of inventory. This method is often used for items with unique and easily identifiable characteristics, such as cars, jewelry, or artwork.

Which Cost Flow Assumption Assigns the Actual Cost of a Unit