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Explain the inventory costing method of specific identification method.

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December 27th, 2012 13:40
in Accounting by themask (University of Dayton (OH), General law)

Explain the inventory costing method of specific identification method.

Please help me, i want to know the details of a Specific identification method as inventory costing ethod.

7 Answers
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December 28th, 2012 09:23
muneb (Amity Business School, Business ethics)
Specific identification is a method of finding out ending inventory cost.

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December 28th, 2012 09:39
awais (Guru Ghasidas University, Education)
Specific identification method is just another method to value ending inventory of the business to be reported in the financial statements.

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December 28th, 2012 09:51
juni (Netaji Subhas Institute of Technology, General sociology)
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.

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December 28th, 2012 11:22
aabid (Shri Jagdishprasad Jhabarmal Tibrewala University, Information technologies)
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.

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December 28th, 2012 11:40
majad (Dayalbagh Educational Institute, Developmental psychology)
In theory, this method is the best method, since it relates the ending inventory goods directly to the specific price they were bought for.

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December 28th, 2012 11:47
matii (Agra University, Information technology)
This method is also very hard to use on interchangeable goods.

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December 29th, 2012 09:13
sharina (University of Sussex, General physics, phd)
"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_"

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