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Answers (7)

muneb 28-12-2012
Specific identification is a method of finding out ending inventory cost.
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.
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.
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.
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.
matii 28-12-2012
This method is also very hard to use on interchangeable goods.
sharina 29-12-2012
"Specific identification method identifies the cost of particular units sold and those still remaining in ending inventory. Source:"

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