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Matching Quiz
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Match the following terms and definitions
1


The sum of beginning inventory and purchases for the period.

2


The inventory costing method that identifies the cost of the specific item that was sold.

3


Assumes that the costs of the first goods purchased (first in) are the costs of the first goods sold (first out).

4


An inventory costing assumption that uses the weighted average unit cost of the goods available for sale for both cost of goods sold and ending inventory.

5


A valuation rule that requires Inventory to be written down when its net realizable value or current replacement cost falls below its original historical cost.

6


A reduction in the cost of inventory purchases associated with unsatisfactory goods.

7


A cash discount received for prompt payment of a purchase on account.

8


The process of buying and selling inventory.

9


A measure of the average number of days from the time inventory is bought to the time it is sold.

Answer choices for questions 1 through 9
A)Lower of cost and net realizable value
B)Weighted average cost
C)Days to sell
D)Purchase discount
E)Specific identification
F)Purchase returns and allowances
G)Goods available for sale
H)First-in, first-out
I)Inventory turnover





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