SPECIFIC IDENTIFICATION METHOD Definition

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SPECIFIC IDENTIFICATION METHOD is an inventory costing method under which the actual cost of a particular item is assigned to that item; used for determining cost of goods sold.

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INCOME is the amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments.

INCORPORATED is a legal entity that has undergone incorporation through approval by a state government.

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