Which of the following inventory costing methods requires a company to keep track of the actual movement of individual inventory items?
a) FIFO
b) LIFO
c) specific unit cost
d) average cost

As its own name states, specific unit cost consists on identifying the cost for each specific item in the inventory and keeping track of their movements individually. This practice is commonly used by companies with small inventories comprised by items of great individual value, such as jewelries, for example.

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Which of the following inventory costing methods requires a company to keep track of the actual movement of individual inventory items? a) FIFO b) LIFO c) specific unit cost d) average cost

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Which of the following inventory costing methods requires a company to keep track of the actual movement of individual inventory items?
a) FIFO
b) LIFO
c) specific unit cost
d) average cost