Inventory is a very important current asset and must be controlled and properly accounted for. It is not practical to assign the exact cost to each inventory item. If you have a car dealership, it is practical to assigned the actual cost (specific identification) of each vehicle to your year- end inventory. Other than the specific identification approach, there are other methods that can be used. What are these three other methods called? Even though we come up with different inventory numbers for our financial statements, how can we justify using each of these three methods