Which inventory method is typically used when accounting for expensive and unique inventory items?
A)Specific identification
B)FIFO
C)LIFO
D)Weighted Average Cost

Question

Quizplus · Accepted Answer

The specific identification method individually identifies and records the cost of each item sold as Cost of Goods Sold.This method requires accountants to keep track of the purchase cost of each item.Companies tend to use the specific identification method when accounting for individually expensive and unique items.

Which Inventory Method Is Typically Used When Accounting for Expensive