Solved

Match the Items Below by Entering the Appropriate Code Letter

Question 176

Matching

Match the items below by entering the appropriate code letter in the space provided.

Premises:
Days in the year divided by inventory turnover
When the value of inventory is lower than its cost
Ownership of goods transfers when the public carrier accepts the goods.
To hold goods belonging to other parties and to sell them for a fee, without ever taking ownership to the goods
Ownership of the goods remains with the seller until the goods reach the buyer.
Tracks the actual physical flow for each inventory item available for sale.
The same unit cost is used to value inventory on hand and cost of goods sold.
Involves counting, weighing or measuring each kind of inventory on hand.
Measures the number of times the inventory sold during the period.
Ending inventory valuation consists of the most recent inventory purchases.
Responses:
Lower of cost and net realizable value
Average
Consigned goods
First-in, first-out (FIFO)
Specific identification
FOB shipping point
Inventory turnover ratio
Days Sales in Inventory
FOB destination
Taking a physical inventory

Correct Answer:

Days in the year divided by inventory turnover
When the value of inventory is lower than its cost
Ownership of goods transfers when the public carrier accepts the goods.
To hold goods belonging to other parties and to sell them for a fee, without ever taking ownership to the goods
Ownership of the goods remains with the seller until the goods reach the buyer.
Tracks the actual physical flow for each inventory item available for sale.
The same unit cost is used to value inventory on hand and cost of goods sold.
Involves counting, weighing or measuring each kind of inventory on hand.
Measures the number of times the inventory sold during the period.
Ending inventory valuation consists of the most recent inventory purchases.
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