Solved

Match the Items Below by Entering the Appropriate Code Letter

Question 235

Matching

Match the items below by entering the appropriate code letter in the space provided.

Premises:
The same unit cost is used to value ending inventory and cost of goods sold.
Goods ready for sale to customers by retailers and wholesalers.
Ending inventory valuation consists of the most recent inventory purchases.
Title to the goods transfers when the public carrier accepts the goods from the seller.
Measures the number of times the inventory sold during the period.
Goods that are only partially completed in a manufacturing company.
Cost of goods sold consists of the most recent inventory purchases.
Tracks the actual physical flow for each inventory item available for sale.
Title to goods transfers when the goods are delivered to the buyer.
Net amount that a company expects to receive from the sale of inventory.
Responses:
Merchandise Inventory
Average-cost method
Inventory turnover
First-in, first-out (FIFO) method
FOB shipping point
Last-in, first-out (LIFO) method
Specific identification method
FOB destination
Work in process
Net realizable value

Correct Answer:

The same unit cost is used to value ending inventory and cost of goods sold.
Goods ready for sale to customers by retailers and wholesalers.
Ending inventory valuation consists of the most recent inventory purchases.
Title to the goods transfers when the public carrier accepts the goods from the seller.
Measures the number of times the inventory sold during the period.
Goods that are only partially completed in a manufacturing company.
Cost of goods sold consists of the most recent inventory purchases.
Tracks the actual physical flow for each inventory item available for sale.
Title to goods transfers when the goods are delivered to the buyer.
Net amount that a company expects to receive from the sale of inventory.
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