Docsity is not optimized for the browser you're using. In order to have a better experience please switch to Google Chrome, Firefox, Internet Explorer 9+ or Safari!
Download Google Chrome
   Back to the top

Answers (7)

muneb 28-12-2012
Specific identification is a method of finding out ending inventory cost.
Comment 
awais 28-12-2012
Specific identification method is just another method to value ending inventory of the business to be reported in the financial statements.
Comment 
juni 28-12-2012
SPECIFIC IDENTIFICATION METHOD is an inventory costing method under which the actual cost of a particular item is assigned to that item; used for determining cost of goods sold.
Comment 
aabid 28-12-2012
Inventory valuation method in which the actual cost of the purchased and issued (used or sold) items is identified by purchase date or a serial number.
Comment 
majad 28-12-2012
In theory, this method is the best method, since it relates the ending inventory goods directly to the specific price they were bought for.
Comment 
matii 28-12-2012
This method is also very hard to use on interchangeable goods.
Comment 
sharina 29-12-2012
"Specific identification method identifies the cost of particular units sold and those still remaining in ending inventory. Source: http://in.docsity.com/en-docs/Reporting_and_Analyzing_Inventory_-_Principles_of_Accounting_-_Lecture_Notes_"
Comment 

Add your answer

Up to 3 download points

Related questions