Crossword Puzzles for... Inventory and Cost of Goods Sold

The cost of the inventory is reported on the balance sheet as a current asset.

Reinforce your accounting and bookkeeping knowledge with these free crossword puzzles with answers. If you have any difficulty answering the questions, learn more about this topic by reading our mini-lectures covering introductory to Inventory and Cost of Goods Sold.

Sample Inventory and Cost of Goods Sold Questions

1)  The ___________ -average cost is associated with the perpetual system of inventory.

2)  A manufacturer assigning direct materials, direct labor, and both variable and fixed overhead to its production output is referred to as ____________________ (or full) costing.

3)  _____________ identification might be used instead of FIFO, LIFO, and average when determining the cost of goods sold and the ending inventory.

4)  If a retailer's net ______________ of merchandise during an accounting period was $200,000 and its inventory decreased by $20,000 during that period, the income statement will report the cost of goods sold as $220,000.

5)  Inventory is reported on the balance sheet as a ____________ asset.

6)  Inventory is reported at this amount if it is lower than cost. The "M" in LCM.

7)  This inventory cost flow assumption will result in lower profits when there is deflation in the cost of the inventory items. (accronym)

8)  The inventory system where the Inventory account is increased whenever merchandise is purchased and is decreased whenever merchandise is sold.

9)  A method of estimating ending inventory when both the cost and retail amounts are known.

10)  When goods are shipped FOB Shipping Point, the __________ will incur freight-in costs.

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