In the Space Provided at Right, Write the Word or Phrase

question 94

Essay

In the space provided at right, write the word or phrase that is defined or indicated.
$\text { 1. An approach whereby a company }$ ------------------------------- finances its inventory without reporting
either the liability or the inventory
asset on its statement of financial position.
$\text { 2. A contract in which neither party has }$ ------------------- fulfilled its part of the contract.
$\text { 3. The costs that are "attached" to }$ --------------------- Inventory.
$\text { 4. Direct costs and alloxated overhead }$ ---------------------------- that are incurred to process raw
materials into finished goods.
$\text { 5. The predetermined costs to produce }$ ----------------------- one unit of a given item of inventory.
$\text { 6. The purchase of a group of units with }$ ------------------- different characteristics at a single
lump-sum price.
$\text { 7. An imventory extimation methed that }$ --------------------- uses the interrelationships between
the accounts used in the calculation
of cost of goods sold.

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Definitions:

Analogous Trait

A trait shared by different species due to convergent evolution, not because of a shared ancestry, producing similar structures independently.

Monophyletic Group

A group of organisms that consists of all the descendants of a common ancestor, representing a single branch on the tree of life.

Ancestor

An organism from which others have descended.

Convergent Evolution

The process by which unrelated or distantly related organisms evolve similar body forms, coloration, organs, or adaptations, often due to similar environmental pressures.