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Problem Solving Survival Guide to accompany Financial Accounting, 8th Edition by Donald E. Kieso, Paul D. Kimmel, Jerry J. Weygandt

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SOLUTION TO EXERCISE 6-11

  1. Specific identification method
  2. Average-cost method
  3. First-in, first-out method (FIFO)
  4. Last-in, first-out method (LIFO)
  5. Lower of cost or market basis (LCM)
  6. Current replacement cost
  7. Gross profit method
  8. Retail inventory method
  9. Consigned goods
  10. Inventory turnover
  11. Conservatism
  12. Consistency principle
  13. Days in inventory
  14. Finished goods inventory
  15. Just-in-time (JIT) inventory method
  16. FOB (free-on-board) destination
  17. FOB (free-on-board) shipping point
  18. Raw materials
  19. Weighted-average unit cost
  20. Work in process

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