The difference between inventory reported using LIFO and inventory using FIFO.

Tracks the actual physical flow for each inventory item available for sale.

Goods that are only partially completed in a manufacturing company.

Cost of goods sold consists of the most recent inventory purchases.

Goods ready for sale to customers by retail$$rs and wholesalers.

Title to the goods transfers when the public carrier accepts the goods from the seller.

Ending inventory consists of the most recent inventory purchases.

Under the periodic system, the same unit cost is used for ending inventory and cost of goods sold.

Title to goods transfers when the goods are delivered to the buyer.

Measures the number of times the inventory sold during the period.