Preparing an Adjusted _____ _______ is Step #8 of the Recording Process.
The first Financial Statement prepared is the ______ _________.
Inventory ________ is a ratio that measures the average amount of times inventory is sold during an accounting period.
Finished _____ inventory are manufactured items that are completed and ready for sale.
An actual physical flow costing method in which items still in inventory keep their original (historical) cost when ending inventory is calculated.
Selling Price - (Costs to Complete/Sell) = ______________
An abbreviation for the "Last In, First Out" method. It Is an inventory costing method that uses the cost of the latest purchased goods to determine the value of ending inventory.
____-___-____ inventory is a system where a business only manufactures or purchases inventory when it is needed.
The portion of manufactured inventory that has been placed into production, but is not complete at the end of the accounting period.
Preparing the _____-_______ Trial Balance is Step #11 (the final step) of the Recording Process.
Down
Posting the _______ _______ is Step #10 of the Recording Process.
The Consistency Concept dictates that a company should use the _______ accounting principles and methods from year to year.
_____-___-____-Or-Net realizable value is a valuation basis stating that the value of inventory is its historical cost OR its net realizable value, whichever is lower.
Preparing the _________ __________ is Step #9 of the Recording Process.
Is an inventory costing method that uses the weighted-average unit cost to determine the value of ending inventory.
The Statement of ________ ________ is the second Financial Statement that is prepared.
Posting the ___________ journal entries is Step #7 of the Recording Process.
The average number of days merchandise is held in inventory before being sold to customers.
The _______ _____ is the third Financial Statement that is prepared.
Basic goods that are waiting to be developed into "finished goods" and will be placed into production in the future.
An abbreviation for "First In, First Out" method. It Is an inventory costing method that uses the cost of the earliest purchased goods to determine the value of ending inventory.
_________ Goods are merchandise held for sale by one party, but are owned by another party.
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