The following are three inventory cost determination methods:
1. Specific identification
2. FIFO
3. Average
Below is a list of different types of companies and their main inventory item. Beside each one, insert the number of the inventory cost determination method above that the company would most likely use.
(a) Grocery store (food)
(b) Coffee shop (coffee beans)
(c) Car dealership (automobiles)
(d) Clothing store (clothing)
(e) Car dealership (parts)
(f) Gas station (fuel)
(g) Jewellery store (custom-made jewellery)
(h) Consignment clothing store (clothing)