Which of the following cost flow assumptions assigns the costs of the earliest units acquired to the withdrawals, and the costs of the most recent acquisitions to the ending inventory?

Variable costing (direct costing) is acceptable for use in determining inventory cost by _________________.

Which of the following is a method for assigning cost in which a firm can physically match individual units sold with a specific purchase?

The ______________________ is the estimated selling price of the inventory less any estimated costs for making the item ready for sale and actually selling it.

If the ______________ is used for income tax purposes, the Internal Revenue Service requires its use for income determination for financial reports to owners.

The portion of merchandise that is available for sale or use and that is allocated to the current period's usage is called the _______________.

The inventories of a manufacturing company include __________________.

The difference between the selling price of an item and its replacement cost at the time of sale is called the _____________________.

The difference between cost of goods sold based on replacement cost and cost of goods sold based on acquisition cost is the ___________________.