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Inventory and Cost of Goods Sold (Word Scramble)

Author:
Harold Averkamp, CPA, MBA

To see each answer, press or click on the blue "Unscramble" button. If you have difficulty answering the following questions, learn more about this topic by reading our Inventory and Cost of Goods Sold (Explanation).

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1. Inventory is reported as a _________ asset.

CURRENT EUTNRCR
CURRENT RENUTRC

2. Inventory is often reported at the _______ of cost or net realizable value.

LOWER ELRWO
LOWER WORLE

3. FIFO and LIFO are examples of cost flow ________________.

ASSUMPTIONS ATSISUNOMSP
ASSUMPTIONS SOIPUMSSTAN

4. Under this inventory system the balance in the Inventory account changes with each sale.

PERPETUAL PRAELTUPE
PERPETUAL TPUEPALER

5. Under this inventory system the balance in the Inventory account does not change with each sale.

PERIODIC IORDPECI
PERIODIC DEPIRCOI

6. A ___________ will report raw materials, work-in-process, and finished goods inventory.

MANUFACTURER RAUFACRTMNEU
MANUFACTURER RFAAURMTCEUN

7. The freight cost on inventory items that are purchased FOB __________ point will be an inventoriable cost.

SHIPPING SPPIIHGN
SHIPPING NPSGPIIH

8. There will be no freight-in on goods purchased FOB _______________.

DESTINATION ESTANNOIIDT
DESTINATION ITSDNOINAET

9. The annual cost of goods sold divided by the average inventory balances is the inventory ______________ ratio.

TURNOVER UTVRNREO
TURNOVER OTRVUNRE

10. The expected selling price in the ordinary course of business minus the estimated costs of completion, disposal, and transportation is the net ___________ value.

REALIZABLE LAEBREALIZ
REALIZABLE AZEILELBRA
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About the Author

Harold Averkamp

For the past 52 years, Harold Averkamp (CPA, MBA) has
worked as an accounting supervisor, manager, consultant, university instructor, and innovator in teaching accounting online. He is the sole author of all the materials on AccountingCoach.com.

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