Which method results in the cost of goods sold equaling the exact cost of the actual goods that have been sold?

Question

Quizplus · Accepted Answer

The specific identification method allows for the actual cost of each individual item to be recorded, resulting in the cost of goods sold equaling the exact cost of the actual goods that have been sold. However, this method is only practical for businesses that sell unique, high-value items, such as antiques or artwork.

Which Method Results in the Cost of Goods Sold Equaling