The following are three inventory cost determination methods: 1. Specific identi

Question

The following are three inventory cost determination methods: 1. Specific identification 2. FIFO 3. Weighted average Below is a list of different types of companies and their main inventory item. Indicate the inventory cost determination method that the company would most likely use. (a) Grocery store (food) Specific identification Weighted average FIFO (b) Car deship (automobiles) (c) Clothing store (clothing) (d) Car dealership (parts) (e) Gas station (fuel) (f) Jewellery store (custom-made jewellery) (g) Consignment clothing store (clothing) LINK TO TEXT

Explanation / Answer

a)FIFO, since the food which is old will be spoiled
b)Specific identification
c)weighted average
d)FIFO
e)weighted average
f)specific indentification
g)Weighted average

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