What is the major advantage and major disadvantage of the specific identification method of inventory costing?
Question:
What is the major advantage and major disadvantage of the specific identification method of inventory costing?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 75% (4 reviews)
The main advantage of the specific identification method is that it is the most accu...View the full answer
Answered By
Milbert Deomampo
I have been tutoring for over 3 years and have experience with a variety of students, from those who are struggling to keep up with their class to those who are looking to get ahead. I specialize in English and writing, but I am also proficient in math and science. I am patient and adaptable, and I work with each student to find the best methods for them to learn and retain the material.
0.00
0 Reviews
10+ Question Solved
Related Book For
Accounting Tools for business decision making
ISBN: 978-0470095461
4th Edition
Authors: kimmel, weygandt, kieso
Question Posted:
Students also viewed these Business questions
-
What are the major advantage and major disadvantage of the specific identification method of inventory costing?
-
What is the major advantage of air carriers? How does this advantage impact the inventory levels of those firms using air transportation? Explain how this advantage relates to the choice of modes...
-
What is the major advantage of using C-V-P graphs?
-
The cost of a can of Coca Cola in 1960 was $0.10. The exponential function that models the cost of a Coca Cola by year is given below, where t is the number of years since 1960. C(t) = 0.10e0.0576t...
-
Minitab produced a scatterplot and LOWESS smoothing of the data in Exercise 11.76, shown here. Does this plot indicate that the regression line is misleading? Why? In exercise 300 20002000 30000 0000...
-
Write structures for the diastereomers of 2,3-diphenyl-2-butene and assign each diastereomer its (E) or (Z) designation. Hydrogenation of one of these diastereomers using a palladium catalyst...
-
Use the same facts as problem 20 and prepare entries using the following independent assumptions: a. Lease A is abandoned in 2022. b. Lease A is proved in 2022. c. Insignificant Lease Y, with a cost...
-
The petty cash fund of Fonzarellis Auto Repair Service, a sole proprietorship, contains the following. The general ledger account Petty Cash has a balance of $300. Instructions Prepare the journal...
-
Inflation Bonds (I Bonds) are safe investments issued by the U.S. Treasury to protect individual's money from loosing value due to inflation. Interest rates on I Bonds are adjusted regularly to keep...
-
In 2021, the Westgate Construction Company entered into a contract to construct a road for Santa Clara County for $10,000,000. The road was completed in 2023. Information related to the contract is...
-
Because Natalie has had such a successful first few months, she is considering other opportunities to develop her business. One opportunity is to become the exclusive distributor of a line of fine...
-
Under what circumstances might the inventory turnover ratio be too highthat is, what possible negative consequences might occur?
-
1. If the current is 9.00 A in the primary coil in Problem 13, find the current in the secondary. 2. If the voltage in the secondary coil of a transformer is 110 V and the current in it is 15.0 A,...
-
Illustrate the following with supply and demand curves: a. In November 2017, Leonardo DaVincis oil painting Salvator Mundi was sold at Christies Auction House in New York for a record-shattering...
-
Refer to PA4-2. Required: Indicate the accounting equation effects (amount and direction) of each adjusting journal entry. Use 1 for increase, 2 for decrease, and NE for no effect. Provide an...
-
Refer to the information in Exercise 18-17. Suppose Gray Manufacturing Company uses the FIFO method of process costing instead of the weighted-average method. Required: Compute equivalent units for...
-
Given an array of English characters, sort the array in linear time.
-
Consider the following FA: (i) Show that any input string with more than three letters is not accepted by this FA. (ii) Show that the only words accepted are a, aab, and bab. (iii) Show that by...
-
What physics principle underlies these three observations? When passing an oncoming truck on the highway, your car tends to sway toward the truck. The canvas roof of a convertible automobile bulges...
-
In exchange for land, the company received a 12-month note on January 1. The face amount of the note is $1,000, and the stated rate of interest is 13%, compounded annually. The 13% rate is equal to...
-
Bowyer Inc. has conducted an analysis of overhead costs related to one of its product lines using a traditional costing system (volume-based) and an activity-based costing system. Here are its...
-
Montego Co. identifies the following activities that pertain to manufacturing overhead: materials handling, machine setups, factory machine maintenance, factory supervision, and quality control. For...
-
Hindi Company manufactures four products in a single production facility. The company uses activity-based costing. The following activities have been identified through the company's activity...
-
What is a primary focus of performance measurement in public sector accounting?
-
Lily Rosenwald had always wanted to be a florist. She spoke with three friends and asked then to help her start her new business. They agreed and on January 1 , 2 0 2 2 , two friends made an...
-
Use the four-step procedure to find f(x) for the given function f(x). f(x)=8x+3 f(x)=(Use integers or fractions for any numbers in the expression.)
Study smarter with the SolutionInn App