Question Details

Two widely used methods of estimating inventories 



1.	The ______________ method tracks the actual physical flow of each unit of inventory available for sale; however, management may be able to manipulate ______________ by using this method.


2.	If the unit cost of inventory has continuously increased, the ______________, first-out inventory valuation method will result in a higher valued ending inventory than if the ______________, first-out method had been used.


	3.	The lower-of-cost-or-net realizable value basis of accounting for inventories should be applied when the ______________ cost of the goods is lower than its cost.


	4.	______________ is calculated as cost of goods sold divided by average inventory.


	5.	Two widely used methods of estimating inventories are the ______________ method and the _____________ method.




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