Match the Items Below by Entering the Appropriate Code Letter

question 112

Short Answer

Match the items below by entering the appropriate code letter in the space provided.
A. Merchandise Inventory
B. Work in process
C. FOB shipping point
D. FOB destination
E. Specific identification method J. Net realizable value
F. First-in, first-out (FIFO) method
G. Last-in, first-out (LIFO) method
H. Average-cost method
I. Inventory turnover
1. Measures the number of times the inventory sold during the period.
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. Net amount that a company expects to receive from the sale of inventory.

---

Definitions:

S Corporations

A special designation for businesses that allows them to pass income, losses, deductions, and credits directly to shareholders to avoid double taxation.