May 9, 2016
Discussion 4 There are three different methods in merchandise inventory. The first methods is called Specific Identification which is an accounting method that identifies the cost of each individual piece of inventory and retain that information until that piece of inventory is sold (Board, 2012). In this method of Specific Identification there are three steps in which is to be follow to keep track of the inventory which is sold. The first step is determining the size of the inventory. The second step is to keep track of each item by using a barcode for you the item can be identify when it is sold. The last step in this method is to deduct the cost of each item sold from the ending inventory to update the...
Excerpt from file: Runninghead:DISCUSSION4 1 Discussion4 MistyClark Accounting101 May9,2016 StevenHoran DISCUSSION4 2 Discussion4 Therearethreedifferentmethodsinmerchandiseinventory.Thefirstmethodsiscalled SpecificIdentificationwhichisanaccountingmethodthatidentifiesthecostofeachindividual
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