Specific identification is sometimes said to be the ideal method for assigning cost to inventory and to cost of goods sold.

Required:
a. List the arguments for and against the foregoing statement.
b. FIFO, weighted average, and LIFO methods are often used instead of specific identification. Compare each of these methods with the specific identification method. Include in your discussion analysis of the theoretical propriety of each method in determining income and asset valuation. (Do not define the methods or describe their technical accounting procedures.)