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