Seawater Is a Solution, and the Concentration of Dissolved Solids

question 6

Short Answer

Seawater is a solution, and the concentration of dissolved solids in it is referred to as its ________. The term ________ is applied to water that exceeds the average of 35 percent, whereas ________ is the term used to describe water that is less than 35 percent.

---

Definitions:

FIFO inventory cost method

An inventory valuation method where the cost of goods sold is based on the cost of the earliest purchased items, standing for "First In, First Out".

Ending inventory value

The final value of all unsold goods at the end of an accounting period.

FIFO

First-In, First-Out, an inventory valuation method where goods produced or acquired first are sold, used, or disposed of first.

Merchandise inventory

The goods and products that a retailer, wholesaler, or distributor has in stock and available for sale to customers.