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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).

1. Inventory is reported as a _________ asset.

CURRENT RNRUETC
CURRENT RCTUNER

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

LOWER OWELR
LOWER ORWLE

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

ASSUMPTIONS NSIAMUSSPTO
ASSUMPTIONS TSPSMAUSNOI

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

PERPETUAL ETLERUPPA
PERPETUAL EPEUATRLP

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

PERIODIC DIOERICP
PERIODIC ODIECRPI

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

MANUFACTURER URUNMERCTAAF
MANUFACTURER NUREARCUMFAT

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

SHIPPING ISIHPNGP
SHIPPING PGNPIISH

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

DESTINATION ONTIINDAETS
DESTINATION IADSNTNIETO

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

TURNOVER TVENUROR
TURNOVER EORRUVNT

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 EEZBAARILL
REALIZABLE LBAALZEIER
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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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