Q2: Match the items below by entering the appropriate code letter in the space provided. А. Merchandise Inventory F. First-in, first-out (FIFO) method В. Work in process G. Last-in, first-out (LIFO) method С. FOB shipping point Н. Average-cost method D. FOB destination I. LIFO reserve Е. Specific identification method J. Inventory turnover ratio 1. The difference between inventory reported using LIFO and inventory using FIFO. 2. Tracks the actual physical flow for each inventory item available for sale. 3. Goods that are only partially completed in a manufacturing company. 4. Cost of goods sold consists of the most recent inventory purchases.
Q2: Match the items below by entering the appropriate code letter in the space provided. А. Merchandise Inventory F. First-in, first-out (FIFO) method В. Work in process G. Last-in, first-out (LIFO) method С. FOB shipping point Н. Average-cost method D. FOB destination I. LIFO reserve Е. Specific identification method J. Inventory turnover ratio 1. The difference between inventory reported using LIFO and inventory using FIFO. 2. Tracks the actual physical flow for each inventory item available for sale. 3. Goods that are only partially completed in a manufacturing company. 4. Cost of goods sold consists of the most recent inventory purchases.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:11:09 7
ul 4G
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Q2:
Match the items below by entering the appropriate code letter in
the space provided.
А.
Merchandise Inventory
F.
First-in, first-out
(FIFO) method
В.
Work in process
G.
Last-in, first-out
(LIFO) method
С.
FOB shipping point
Н.
Average-cost
method
D.
FOB destination
I.
LIFO reserve
Е.
Specific identification method
J.
Inventory
turnover ratio
1.
The difference between inventory reported
using LIFO and inventory using FIFO.
2.
Tracks the actual physical flow for each
inventory item available for sale.
3.
Goods that are only partially completed in a
manufacturing company.
4.
Cost of goods sold consists of the most recent
inventory purchases.
5.
Goods ready for sale to customers by retailers
and wholesalers.
6.
Title to the goods transfers when the public
carrier accepts the goods from the
seller.
7.
Ending inventory valuation consists of the most
recent inventory purchases.
8.
The same unit cost is used to value ending
inventory and cost of goods sold.
9.
Title to goods transfers when the goods are
delivered to the buyer.
10.
Measures the number of times the inventory
sold during the period.
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