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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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