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Re: ::: vuaskari.com ::: GDB Solution Required Fin 621, Fin 622, Fin 630,

Solution GDB FIN 621:

In my point of view, the manager would like to use "Specific Identification Method" because this is a method of finding out ending inventory cost. It requires a detailed physical count, so that the company knows exactly how many of each goods brought on specific dates remained at year end inventory. This method is the best method, since it relates the ending inventory goods directly to the specific price they were bought for. However, management can easily manipulate ending inventory cost, since they can choose to report that cheaper goods were sold first, ultimately raising income.

Moreover it is the simplest method of valuing inventories.  When an inventory item is sold, the inventory account should be reduced or credited, and cost of goods sold should be increased or debited for the amount paid for each inventory item.  This method works only when a company knows the cost of every individual item that is sold.  Specific identification method works well when the quantity of inventory a company has is limited and each inventory item is unique.



On Mon, Jan 14, 2013 at 1:25 PM, Saba Mushataq <sabamushtaq87@gmail.com> wrote:
Assalam o Allaikum

Help me plz in above GDB solution

Today is due day

Plz share idea solution



Saba Mushtaq
MBA Finance

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Muhammad Khurram Afzaal Siddiqui.
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