Match the Term to the Appropriate Definition

question 105

Multiple Choice

Match the term to the appropriate definition.There are more definitions than terms.
-Weighted Average Cost

• A)Inventory costing method that uses the weighted average unit cost of the goods available for sale for both cost of goods sold and ending inventory.
• B)The inventory that starts the manufacturing process.
• C)Inventory costing method that assumes that the costs of the last goods purchased are the costs of the first goods sold.
• D)Beginning Inventory + Purchases - Ending Inventory
• E)Inventory costing method that identifies the cost of the specific item that was sold.
• F)A valuation rule that requires Inventory to be written down when its market value falls below its cost.
• G)Goods that are held for sale in the normal course of business or are used to produce other goods for sale.
• H)The difference between net sales and cost of goods sold.
• I)Inventory that was in process and now is completed and ready for sale.
• J)Beginning Inventory + Purchases - Cost of Goods Sold
• K)Requires that if LIFO is used on the income tax return,it also must be used in financial statement reporting.
• L)Goods that are in the process of being manufactured.
• M)The expense that follows directly after Net Sales on a multiple step income statement.
• N)Consists of products acquired in a finished condition,ready for sale without further processing.
• O)Inventory costing method that assumes that the costs of the first goods purchased are the costs of the first goods sold.
• P)A measure of the average number of days from the time inventory is bought to the time it is sold.
• Q)Inventory items being transported.
• R)Goods a company is holding on behalf of the goods' owner.
• S)How many times (on average)that inventory has been bought or sold.

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Definitions:

Declaration of Rights

A document asserting the rights of individuals or a collective, such as the Virginia Declaration of Rights of 1776, which influenced the United States Bill of Rights.

Regulator Movements

Groups of backcountry settlers in the 18th-century American colonies who protested against colonial officials' corruption and advocated for government reform.

South Carolina

A state in the southeastern region of the United States, known for its shorelines, historical significance, and as the first state to secede from the Union during the Civil War.

North Carolina

A state located in the southeastern region of the United States, known for its diverse landscapes from the Atlantic coastal plains to the Appalachian Mountains, and a rich history including roles in the Civil War and civil rights movements.