when using the specific identification inventory method, cost of goods sold equals the ______.

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13-10-2021
Business

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when using the specific identification inventory method, cost of goods sold equals the ______.

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anthougo anthougo · Answer 1 · 2021-10-20T14:23:24+02:00

With the specific identification inventory method, the Cost of Goods Sold equals the exact costs of the items sold.

The specific identification inventory method tracks each sold item to record its cost. The Cost of Goods Sold includes only the actual cost of the items sold and not an average or assumed cost.

The specific identification inventory method is not like the:

FIFO (First-in, First-out) method that assumes that items sold are from the first inventories in the store
LIFO (Last-in, First-out) method that assumes that items sold are from the last inventories in the store
Weighted-average method that takes the average cost for all the items in store to determine the cost of goods sold.

Thus, the specific identification method ensures that the Cost of Goods Sold equals the actual cost of the goods.

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