Specific Identification Is a Method of Accounting for Inventory

question 13

Multiple Choice

Specific identification is a method of accounting for inventory:

• A)which eliminates the need for tracking the cost of inventory items.
• B)that allocates the oldest cost to the first units sold.
• C)that often allows a manager to manipulate net income and the ending inventory value.
• D)commonly used in periods of rising prices.

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Definitions:

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