Below is a list of key terms.
______1)Bill and hold sale______6)Periodic Inventory ______2)Consigned Goods_____7)Perpetual Inventory ______3)Finished Goods Inventory______8)Purchase obligation ______4)FOB Destination______9)Raw Materials Inventory ______5)FOB Shipping Point______10)Work-in-Process InventoryRequired:Match each key term with its appropriate definition.
a)Includes direct labor, raw materials, and manufacturing overhead. b)Buyer recognizes purchase of inventory at shipment. c)The requested goods will be delivered to the buyer at a later date. d)Not recognized in inventory until delivered. e)A temporary account is used to record purchases. f)Goods ready for sale. g)Buyer recognizes purchase of inventory at destination. h)Purchases are recorded in an inventory account. i)A third party acts as a sales agent for another company's goods. j)Tangible goods used in production.
What will be an ideal response?
| 1) | c | 6) | e |
| 2) | i | 7) | h |
| 3) | f | 8) | d |
| 4) | g | 9) | j |
| 5) | b | 10) | a |
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