Homework Answers
Option 4 - Specific Identification
Since inventory is high value items like cars and houses, it is possible to go for the most accurate method to value inventory.
Specific Identification method means that all inventory items are tracked separately and individually. So, this is the most accurate and specific method to value inventory.
As opposed to FIFO, LIFO and weighted average which is a generic way of valuing inventory when specific Identification is not practically possible to do.
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