Which of the four inventory approaches is best suited to inventories of high-priced,low-volume items?
A)LIFO
B)FIFO
C)Average cost.
D)Specific identification

Question

Quizplus · Accepted Answer

Specific identification allows for the identification and tracking of individual items, making it the best choice for high-priced, low-volume items that may have unique characteristics or values. This approach allows for more accurate costing and valuation of the inventory.

Which of the Four Inventory Approaches Is Best Suited to Inventories