Match the following terms with their definitions.
-Specific identification
A)Average cost for that period for inventory
B)Inventory continually updated
C)(Beginning inventory and ending inventory)÷ 2
D)New inventory sold first
E)Cost percentage
F)Inventory not updated continually
G)Each cost is known
H)Old inventory sold first
I)A ratio
J)A ratio used to calculate cost of ending inventory
K)Operating expenses not directly associated with a specific department

Question

Quizplus · Accepted Answer

Specific identification method involves tracking each item in inventory individually, with its specific cost known and recorded.

Match the Following Terms with Their Definitions