Question: The specific identification method can be used only: A) In income tax returns. B) For financial reporting purposes (but not in income tax returns).

The specific identification method can be used only: A) In income tax returns. B) For financial reporting purposes (but not in income tax returns). C) When the individual items in inventory are similar in terms of cost, function, and sales value. D) When the actual acquisition costs of individual units can be determined from the accounting records.

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