Financial accounting 16th Edition by Jan Williams,Susan Haka,Mark Bettner ,Joseph Carcello

Exercise 15

Listed below are eight technical accounting terms introduced in this chapter.

Each of the following statements may (or may not) describe one of these technical terms.or each statement, indicate the term described, or answer "None" if the statement does not correctly describe any of the terms.
a. pattern of transferring unit costs from the Inventory account to the Cost of Goods Sold that may (or may not) parallel the physical flow of merchandise.
b.he only flow assumption in which all units of merchandise are assigned the same per-unit cost.
c.he method used to record the cost of goods sold when each unit in the inventory is unique.
d.he most conservative of the flow assumptions during a period of sustained rising prices.
e.he flow assumption that provides the most current valuation of inventory in the balance sheet.
f. technique for estimating the cost of goods sold and the ending inventory that is based on the relationship between cost and sales price during the current accounting period.