Which of the following inventory valuation methods should be used for unique items?

first-in, first-out

last-in, first-out

weighted-average

specific identification

Merchandise Inventory and Cost of Goods Sold appear ________.

on the balance sheet and statement of owner's equity, respectively

on the statement of owner's equity and income statement, respectively

on the balance sheet and income statement, respectively

on the income statement and statement of cash flows, respectively