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.

Which of the following is NOT a valid characteristic of variable costing (direct costing) for inventories for manufacturing firms?

Which of the following is a predetermined estimate of what each item of manufactured inventory should cost based on past cost and planned production methods?

FIFO refers to the cost of the units sold. The parallel description for ending inventory is ____________.

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 ___________________.

The account title and the term that designates acquisition of merchandise during the accounting period is called ___________________ .

The _____________ is the amount a firm would have to pay to acquire a replacement for an inventory item at that a particular time.

Partially completed products in the factory are called _________________ .