A store that sells expensive custom-made jewelry is most likely to determine its cost of goods sold using:

Question

Quizplus · Accepted Answer

Specific cost identification is the best method for determining the cost of goods sold for expensive custom-made jewelry because each piece is unique and has a specific cost that should be tracked separately. This method involves keeping track of the cost of each individual item or component used in the jewelry and assigning that cost to the specific piece of jewelry it was used in. This allows for an accurate cost of goods sold to be calculated and helps the store better understand its profitability and pricing strategies.

A Store That Sells Expensive Custom-Made Jewelry Is Most Likely