Inventory and
Cost of Goods Sold

If you have difficulty answering the following questions, learn more about this topic by reading our Explanation of Inventory and Cost of Goods Sold.

NOTE: To see each answer, place your cursor in the middle of the cell under "Unscrambled Answer".

	Word Clue	Scrambled Answer	Unscrambled Answer
1.	Inventory is reported as a _________ asset.	RNREUCT	CURRENT
2.	Inventory is often reported at the _______ of cost or market.	WRELO	LOWER
3.	FIFO and LIFO are examples of cost flow ________________.	APINSMOTSUS	ASSUMPTIONS
4.	Under this inventory system the balance in the Inventory account changes with each sale.	LEAPUETRP	PERPETUAL
5.	Under this inventory system the balance in the Inventory account does not change with each sale.	RECIOPID	PERIODIC
6.	A ___________ will report raw materials, work-in-process, and finished goods inventory.	FNCREMTARAUU	MANUFACTURER
7.	The freight cost on inventory items that are purchased FOB __________ point will be an inventoriable cost.	HIGNPSPI	SHIPPING
8.	There will be no freight-in on goods purchased FOB _______________.	OSIATDNNETI	DESTINATION
9.	The annual cost of goods sold divided by the average inventory balances is the inventory ______________ ratio.	EVNUROTR	TURNOVER
10.	The normal selling price minus the estimated cost to complete and sell is the net ___________ value.	ZBEIARLELA	REALIZABLE

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