Can I use both FIFO and Specific ID for inventory accounting?

Question

This is something I started thinking about when I was working at a bike shop. I imagine there may be other similar use cases. So, let's say I have an inventory stream that consists of both unserialized and serialized items. Would using FIFO costing for the unserialized inventory and Specific ID costing for the serialized inventory be something I would want to do? If not, why not? NOTE: This is for sole proprietorship bookkeeping. Thanks!

Answer 1

It's definitely an option based on the scenario stated. Couple things to consider is the volume and time for the specific ID portion. Would it be too cumbersome to track each one? Are you using an accounting software that helps with that kind of tracking? If the serialized items are very similar in cost, is there be a need to track them individually? Say for warranty purposes?