Specific Cost Identification
Jump to navigation
Jump to search
Description
Recording as the cost of goods sold the actual costs of the specific units sold. Necessary if each unit in inventory is unique, but not if the inventory consists of homogeneous products.
Concept Prerequisite
Wikipedia Reference
http://en.wikipedia.org/wiki/Specific identification (inventories)
Learning Material
Covered in Topic(s)
| Inventories & the COGS |