Match the Short Phrase or Term with the Associated Short

question 46

Multiple Choice

Match the short phrase or term with the associated short phrase or term.Choose the best answer.You may use some answers more than once or not at all.
-Average percent body water

• A)Percent body fat
• B)Seventy percent water by weight
• C)Skin-fold calipers
• D)Sixty percent of body weight

---

Definitions:

Gross Profit Method

An inventory costing method that estimates the cost of goods sold and ending inventory based on the gross profit margin.

Inventory Valuation

The method used to calculate the cost of goods sold and ending inventory, such as FIFO, LIFO, or weighted average cost.

Casualty

An unexpected or sudden event causing loss or damage, often used in insurance to refer to accidents or mishaps causing physical harm or property damage.

Retail Basis

A method of inventory accounting where inventory is valued at retail prices, then converted to a cost basis using a predetermined cost-to-retail ratio.