Respuesta :
Answer:
The grouping of the items and measurements are in the explanation
Explanation:
The question is to determine the placement of the items based on the inventory measurement list given
Inventory measurement Item to be measured
1. Perpetual inventory system Continuously records changes in
inventory
2. Periodic inventory system Continuously records changes in
inventory
3. F.o.b. shipping point Legal title passes when goods are
delivered to common carrier.
4. Gross method Purchase discounts not taken are
included in inventory cost.
5. Net method Purchase discounts not taken are
considered interest expense.
6.Cost index Used to convert ending inventory at
year-end cost to base year cost.
7. F.o.b. destination Goods are transferred to another
company but title remains with
transferor.
8. FIFO Assumes items sold are those
acquired first.
9. LIFO Assumes items sold are those
acquired last.
Quite a number of the items are self explanatory for instance, FIFO is first in first out and it deals with inventory sold based on those acquired first and the cost while LIFO is last in first out and it deals with inventory based on the cost of those that were acquired last
Also F.O.B shipping point means the seller of a product bears all risks until it gets to the destination while F.O.B destination means the risks on board shipping are already borne by the receipient.
It should also be noted that any thing that deals with the continous record of inventory is taken care of either by the perpetual inventory system or the periodic inventory system.
Answer:
Explanation:
. Perpetual inventory system --- Continuously records changes in inventory
2. Periodic inventory system---- Adjusts inventory at the end of the period.
3. F.o.b. shipping point----- Legal title passes when goods are delivered to common carrier.
4. Gross method--- Purchase discounts not taken are included in inventory
5. Net method--- Purchase discounts not taken are considered interest expense.
6.Cost index--- Used to convert ending inventory at year-end cost to base year cost.
7. F.o.b. destination---Legal title passes when goods arrive at location.--- The meaning was not provided
8. FIFO--- Assumes items sold are those acquired first.
9. LIFO----Assumes items sold are those acquired last.
10. Consignment---Goods are transferred to another company but title remains with transferor ---this has a meaning but did not have the word consignment included
11.IRS conformity rule----- If LIFO is used for taxes, it must be used for financial reporting.
-- this had the meaning but the word IRS conformity rule was not on the list
