Specific Identification Method|Inventory store ledger
Inventory Costing Methods are of four types: 1. First-in, first-out (FIFO) 2. Last-in, first-out (LIFO). 3. Weighted-average. 4. Specific Identification. This video discusses Specific Identification Method an important concept of inventory costing. Specific identification method can be applied in situations where different purchases can be physically separated. Under this method, each item sold and each item remaining in the inventory is identified. Thank you for watching #BasitRehman #Accounting #FIFO #MaterialControl #learnwithbasit
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