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2. Inventory is often reported at the _______ of cost or net realizable value.
LOWER WRLOE4. Under this inventory system the balance in the Inventory account changes with each sale.
PERPETUAL PLPETEUAR5. Under this inventory system the balance in the Inventory account does not change with each sale.
PERIODIC OPRECIID6. A ___________ will report raw materials, work-in-process, and finished goods inventory.
MANUFACTURER FCRAREATNUMU7. The freight cost on inventory items that are purchased FOB __________ point will be an inventoriable cost.
SHIPPING PGIHINSP8. There will be no freight-in on goods purchased FOB _______________.
DESTINATION NAISDTEOINT9. The annual cost of goods sold divided by the average inventory balances is the inventory ______________ ratio.
TURNOVER NORTUVER10. The expected selling price in the ordinary course of business minus the estimated costs of completion, disposal, and transportation is the net ___________ value.
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