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Should discount diamonds choose the average

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Question - Ethics Case - Discount Diamonds carries only one brand and size of diamond-all are therefore identical. Each batch of diamonds that is purchased is carefully coded and marked with its purchase cost. You are given the following data from March:

March 1 Beginning inventory consisted of 140 diamonds at a cost of $500 per diamond.

March 3 Purchased 200 diamonds at a cost of $540 each.

March 5 Sold 170 diamonds for $800 each.

March 10 Purchased 340 diamonds at a cost of $570 each.25Sold 500 diamonds for $850 each.

Required - Should Discount Diamonds choose the average or specific identification method of inventory cost determination?

Reference no: EM132785959

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