Question & Answer: In the _______ _______ system, purchases and sales of inventory are record the inventory account……

In the _______ _______ system, purchases and sales of inventory are record the inventory account. In the ______ ______ system, the inventory account is not updated by e sale or purchase of inventory made during the periods. Cost of goods sold plus ______ ______ equals cost of goods available for _____ ______ _____ is the actual physical movement of h goods are sold for inventory. _____ _____ ______ is determined by what costs are by various inventory methods. Flow of goods and flow of costs are the same in the _____ _____ _____. Using the _____ ______ method, the net income will not fluctuate as n as other methods when the income statement is prepared. In the _______ method, the most recent costs are assigned to goods not sold. The ______ method assumes that the ending inventory is made up of the old invent During inflation, LIFO produces the ______ net income. Financial reports are made more reliable by the principle of ______. The _____ principle helps clarify why a company makes a change in the preparation its financial statements. Consigned goods belong to the ______ and will be added to its inventory. ______ _____ means the seller pays the cost of freight. If beginning inventory is understated, net income will be.______.