Given equal circumstances,which inventory method probably would be the most time consuming?
A)Specific identification
B)FIFO
C)Average-cost
D)LIFO

Question

Quizplus · Accepted Answer

Specific identification method requires identifying and tracking each individual item in the inventory, which can be very time-consuming, especially when dealing with a large number of items with varying costs. In contrast, FIFO, average-cost, and LIFO methods use assumptions and formulas to calculate the cost of inventory, which are generally quicker and simpler to implement.

Given Equal Circumstances,which Inventory Method Probably Would Be the Most