11) A manufacturer uses __________ inventory to produce the goods it sells.
12) The inventory system that uses the merchandise inventory account as an active account is called:
13) What does a manufacturer's goods available for sell represent?
14) Which method of valuing inventory is based on the average of units?
15) What is the method of valuing inventory that is based on the costs for each individual item?
16) What is the method of valuing inventory that is based on the assumption that the oldest goods will be
sold first?
17) Goods such as milk, bread, and cheese would probably be costed using what method?
18) A new car lot would probably cost its inventory using what method?
19) The inventory system whereby the merchandise inventory account balance is merely a record of the most recent physical inventory count is called the:
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