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

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

The inventories of a manufacturing company include __________________.

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

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

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

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

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

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?