Inventory and Cost of Goods Sold (Word Scramble)

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

Want more practice questions?
Receive instant access to our graded Quick Tests (more than 1,800 unique test questions) when you join AccountingCoach PRO.

Certificate of Achievement

Certificates of Achievement

We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping. The certificates include Debits and Credits, Adjusting Entries, Financial Statements, Balance Sheet, Income Statement, Cash Flow Statement, Working Capital and Liquidity, Financial Ratios, Bank Reconciliation, and Payroll Accounting. Click here to learn more.

PRO Testimonial
"AccountingCoach PRO is an exceptional service. It not only provides all the essential material to succeed in learning accounting and finance, but also explains all the relevant details that make the difference when you need to understand the complexity of accounting systems. As a communication trainer and business coach, I had to pick up the language of accounting in no time in order to communicate more effectively with my clients. This website's benefits have exceeded my expectations. Many thanks for your great support." - Theirry F.