CERTYNEX IFRS ACADEMY

Chantiers Navals d'Iroise is considering the specific identification of costs. Which statements are correct?

It is recommended for large quantities of interchangeable items, because it is the most precise.

It consists of attributing specific costs to identified items of inventory.

Management may choose it freely instead of FIFO for any inventory.

It is appropriate for items segregated for a project, whether they were bought or produced.

Applied to many interchangeable items, it would allow profit or loss to be influenced through the choice of the items remaining in inventory.