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.