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:

Breccia

A type of rock consisting of angular fragments of minerals or rocks cemented together by a finer-grained matrix, often formed by volcanic or tectonic actions.

Formation

A rock unit that is distinct, laterally traceable, and mappable; also used as an informal term for an eroded, perhaps unusually shaped, mass of rock.

Cross Beds

Sedimentary layers deposited at an angle to the horizontal, typically formed by wind or water currents.

Well-sorted

Describes sediment in which grains are of nearly the same size.