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(200 words max) a. What is the major advantage and major disadvantage of the specific identification method of inventory costing? Give examples of industries that

(200 words max)

a. What is the major advantage and major disadvantage of the specific identification method of inventory costing? Give examples of industries that would utilize this method of inventory costing?

b. What is the difference between the perpetual and periodic inventory costing method?

c. What does LIFO and FIFO stand for? What is the difference between FIFO and LIFO?

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