| A | B |
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| Last-n, first-out method | The ______ of inventory costing assumes that the most recently purchased articles are sold first. |
| markup | __________ is the odllar amount added to the cost of merchandise to arrive at the selling price. |
| periodic inventory system | The method of determing the quantity of merchandise on hand by taking an actual physical count of all merchandise is called the ____________. |
| Market value | the __________ is teh current price that is being charged for similar items in teh marketplace. |
| Specific indentification method | The ________ of inventory costing determines and assigns tha actual cost of each items in teh inventory. |
| Weighted average cost method | the _______ determines the cost of inventory by assigning an avrage unit cost of each item in teh inventory. |
| gross profit method | The method od estimating the value of the ending inventory using a percentage of the gross profit is called teh ______. |
| First-in, first-out method | The ________ of inventory costing assumes that th efirst items purchased were the first items sold. |
| Retail method | When a business estimates the calue of its ending inventory vased on the ratio of cost to retail, i is using the _______. |
| Perpetual inventory system | The inventory system is which a constant record of teh amount of merchandis on hand is maintained is called teh _______. |
| Merchandise Inventory turnover | The number of times a business's inventory is sold during the year is the company's _______. |
