Match the term on the left to the appropriate description on the right. v Cost of goods available for sale (COGAS) A. A valuation rule applied to ending inventory. v LIFO reserve B. The maximum value that cost of goods sold (COGS) can be in a period. v Lower-of-cost-or-market C. The amount by which inventory measured under FIFO would exceed inventory measured under LIFO v Inventory turnover ratio. v FIFO (first-in, first out) D. An inventory cost flow assumption. E. A measure for evaluating a company's inventory management. F. A system for calculating COGS based on ending inventory value. v Periodic inventory

Match the term on the left to the appropriate description on the right. v Cost of goods available for sale (COGAS) A. A valuation rule applied to ending inventory. v LIFO reserve B. The maximum value that cost of goods sold (COGS) can be in a period. v Lower-of-cost-or-market C. The amount by which inventory measured under FIFO would exceed inventory measured under LIFO v Inventory turnover ratio. v FIFO (first-in, first out) D. An inventory cost flow assumption. E. A measure for evaluating a company's inventory management. F. A system for calculating COGS based on ending inventory value. v Periodic inventory

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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