Which of the following inventory valuation methods should be used for unique or high dollar items?

Question

Quizplus · Accepted Answer

Specific identification is the best method for unique or high dollar items because it allows for the actual cost of each specific item to be recorded and accounted for separately. This method is not practical for large volumes of inventory, but for items with significant value, it provides the most accurate representation of cost of goods sold and ending inventory.

Which of the Following Inventory Valuation Methods Should Be Used