For an auto manufacturer, steel would be considered ___________________.

A stock of goods owned by a firm and held for sale to customers is called _____________.

Which of the following cost flow assumptions leads to the deferral of income taxes during periods of rising prices?

Losses from inventory due to theft, evaporation, and waste are called ______________.
  

The term "economy of scale" refers to __________________.

Which is NOT a characteristic of the LIFO method?

Which inventory systems is designed so that the cost of withdrawals is recorded at the time assets are withdrawn from inventory?

Which inventory methods typically results in a lower net income?

Which inventory cost flow assumptions is physically appropriate for liquid or other types of products for which distinguishing different lots is difficult?

Which cost would not be included as an element of manufacturing overhead?