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Cu 37. Specific identification method FIFO and average cost (AVCO) are inventory valuation methods. Which of the following statements is correct? OA. B. Oc. Oo. FIFO accounting method assumes that the latest items bought are the first items to be soldo Specific identification method is used when items of inventory are individually distinguishable and of high value In a period of rising purchase costs. FIFO usually gives a lower taxable income than AVCO and therefore, yields a tax advantage Average cost (Periodic) is recomputed following every dispatch or issue of inventory can 29 D 1