The Specific Identification Method Is More Appropriate Than a Cost

question 57

Multiple Choice

The specific identification method is more appropriate than a cost flow assumption method:

• A)For a large inventory of identical low-priced items.
• B)If each item in the inventory is unique.
• C)If purchase costs are rising.
• D)If purchase costs are falling.

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Definitions:

Tort of Negligence

A legal claim arising from a breach of the duty of care that results in harm or loss to another person.

Contributory Negligence

A failure to take reasonable care, which contributes to the injury complained of.

Duty of Care

A legal obligation requiring individuals to adhere to a standard of reasonable care while performing acts that could foreseeably harm others.

Caustic Substance

A chemical material capable of burning, corroding, or destroying living tissues.