Which of the following methods of measuring the cost of goods sold most closely parallels the actual physical flow of the merchandise?
A)LIFO
B)FIFO
C)Average cost
D)Specific identification

Question

Quizplus · Accepted Answer

Specific identification method assigns the specific cost of each item sold to the cost of goods sold, which closely parallels the actual physical flow of the merchandise. However, this method is not practical for large inventories with similar items.

Which of the Following Methods of Measuring the Cost of Goods