Inventory and Cost of Goods Sold (Word Scramble)

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

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

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Inventory and Cost of Goods Sold Outline

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