Asked by labiba rabbi on Jul 12, 2024
Verified
Which one of the following inventory methods is often impractical to use?
A) Specific identification
B) LIFO
C) FIFO
D) Average cost
Specific Identification
Specific Identification is an inventory valuation method that tracks the actual cost of each specific item in inventory.
LIFO
LIFO, or Last-In, First-Out, is an inventory accounting method where the most recently produced or acquired items are the first to be used or sold.
FIFO
"First In, First Out," an inventory valuation method where goods first added to inventory are the first ones sold.
- Evaluate the practicality and implications of different inventory methods on business operations.
Verified Answer
Learning Objectives
- Evaluate the practicality and implications of different inventory methods on business operations.
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