SPECIFIC IDENTIFICATON INVENTORY VALUATION Definition

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SPECIFIC IDENTIFICATON INVENTORY VALUATION is a method of valuing and tracking inventory where each item can be identified. Specific identification is most often used for large, easily traceable items, such as furniture or vehicles. If tracking each individual inventory item is not practical, the inventory can be valued using other accepted methods, such as the first-in, first-out method (FIFO) or the last-in, first-out method (LIFO).

Learn new Accounting Terms

FACTORY OVERHEAD is the costs of operating a factory which cannot be assigned directly to a specific department or product.

GROSS RECEIPTS is the total amount received prior to the deduction of any allowances, discounts, credits, etc.

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