Describe how the specic identication costing method works . What is a majoradvantage and a major disadvantage of the specic identication method of inventory costing '2' "The selection of an inventory cost ow method is a decision made by accountants ." Do you agree ? Explain why . Once a method has been selected, what accounting requirement applies? A company makes it a practice to sell all of the old inventory from the store shelves before restocking the shelves with newr inventory .Must this company use rst in, rst out costing '3' Explain In a period of declining purchase costs , which method would give the highest ending inventory cost ?The highest gross prot? Name two advantages of the weighted average costing method as compared to theFlFO and LIFO methods What is the conservatism principle '? Under the lower -ofoost -or-market method for merchandise inventory , what uncertainty are we trying to be conservative about