for each of the following items select the letter of the best answer and write it in 4352269

 

For each of the following items, select the letter of the best answer and write it in the space provided:

 

a.Raw material

b.First-in-first-out

c.Lower-of-cost-or-market

d.Last-in-first-out

e.Work-in-process

f.Weighted average

g.Uncollectible accounts

h.Finished goods

9.Bases the cost of units sold on average costs of units on inventory available during a period

10.The cost of products that have been completed in the manufacturing process

11.Amounts customers are unable or unwilling to pay

12.Reporting inventory at original cost or replacement cost, whichever is less

13.The costs of component parts that become part of the product being manufactured

14.Assumes that cost of goods sold is made up of the cost of the oldest items available during the period

15.Firms that use this method for income tax purposes must also use it for financial reporting purposes

16.The costs of materials, labor, and overhead that have been applied to products that are being manufactured

 

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