The specific identification method of inventory costing matches each unit with its actual cost.
The unique identification approach is related to inventory valuation, specifically tracking each individual item in inventory and assigning costs separately rather than grouping products together. When a corporation can identify, mark, and track each item or unit in its inventory, it is functional and usable.
Individual inventory items are tracked using the unique identifying mechanism. When individual objects can be clearly identified, such as with a serial number, stamped receipt date, bar code, or RFID tag, this method is appropriate.
The particular identification inventory valuation method is a mechanism for tracking each individual item in an inventory from the time it arrives until it leaves.
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