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fill in the blanks with suitable words 621559

Fill in the blanks with suitable words

  1. Inventories are only __________.
  2. For inventory valuation, cost may mean historical, current or __________.
  3. Historical cost represents the cost actually incurred at the date of __________.
  4. Current replacement cost represents the replacement price on the date of __________.
  5. Standard cost represents the __________ cost.
  6. Storage costs are __________ while determining cost of inventories.
  7. Opening Inventory + Purchases – Closing Inventory = __________.
  8. Opening Inventory + Purchases – Cost of Goods Sold = __________.
  9. Under Periodic System, inventory is ascertained by taking an actual __________.
  10. Under Perpetual Inventory System, inventory is ascertained on the basis of __________.
  11. Cost of goods sold includes cost of __________ goods, if any.
  12. Under Perpetual Inventory System, the method of valuation is applied __________ during an accounting period to ascertain the Cost of Goods Sold.
  13. Under Periodic Inventory System, the method of valuation is applied __________ at the end of the accounting period to ascertain the cost of Closing Stock.
  14. The residual factor under Periodic Inventory System is __________.
  15. The residual factor under Perpetual Inventory System is __________.
  16. Under FIFO Method, the goods which are received __________ are to be issued first.
  17. Under LIFO, the goods which are received __________ are to be issued first.
  18. Weighted Average Price Method is used in __________ industries, advantageously.
  19. Goods are sold at a profit of 25% on cost is equal to __________ % on sales.
  20. All inventories should be valued at __________ of historical cost or net realisable value subject to certain conditions.

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