II. Matching 1/2 point for each question-8 points

Select the term that best fits each of the following definitions and descriptions:

a.	Product costs
b.	Consigned goods
c.	LIFO reserve
d.	Net method
e.	Dollar-value LIFO inventory method
f.	Factory overhead
g.	Double extension
h.	Trade discount
i.	Perpetual inventory system
j.	FIFO
k.	LIFO
l.	FOB destination
m.	Gross method
n.	Work in process
o.	LIFO conformity rule
p.	LIFO inventory pools
q.	Specific identification
r.	Periodic inventory system
s.	Raw materials
t.	Period costs
u.	FOB shipping point

____ 21. Terms under which title to merchandise transfers to the purchaser when the goods are received.

____ 22. A method of inventory valuation that reports inventory after consideration of any purchase discounts.

____ 23. A discount that converts a list price to the price a purchaser is actually charged.

____ 24. A technique used with dollar-value LIFO to compute the ending inventory at base-year prices.

____ 25. The classification of inventory into items having common characteristics. The LIFO historical cost method is then applied to each grouping.

____ 26. All manufacturing costs except direct materials and direct labor.

____ 27. Inventory that is partially processed and requires additional work before it can be sold.

____ 28. A cost flow assumption that normally approximates the actual physical flow of the merchandise.

____ 29. A regulation that requires the use of LIFO for financial reporting purposes if LIFO is used for income tax purposes.

____ 30. The inventory method that matches the cost flow to the physical flow of the asset.

____ 31. A valuation method that reports the inventory cost before the consideration of purchase discounts.

____ 32. Records that provide a continuous summary of inventory activity.

____ 33. Costs that are recognized as expenses during the period in which they are incurred.

____ 34. The historical cost flow assumption that best matches current cost to current revenues.

____ 35. Inventory that is physically located at a dealer, but the title is retained by the shipper until the merchandise is sold.