Listed Below Are 10 Terms, Followed by a List of Phrases

question 5

Multiple Choice

Listed below are 10 terms, followed by a list of phrases that describe or characterize the terms. Match each phrase with the correct term.
-Dollar-value LIFO

• A)Goods are transferred to another company but title remains with transferor.
• B)Items sold are those acquired first.
• C)Items sold are those acquired last.
• D)Inventory is viewed as a quantity of value.
• E)Legal title passes when goods arrive at customer location.
• F)Items sold come from a mixture of goods acquired during the period.
• G)Continuously records changes in inventory.
• H)Legal title passes when goods are delivered to common carrier.
• I)Adjusts inventory at the end of the period.
• J)If LIFO is used for income tax purposes, it must be used for financial reporting.