1. Inventory accounting starts with the inventory on ..........

2. Inventories cannot be .......... until sold, and meanwhile they are considered an asset.

3. There are four generally accepted approaches to inventory valuation based on .......... cost.

4. The .......... identification method records actual cost flow: each individual item and its cost must be accounted for.

5. The .......... average method divides the total cost of inventory items by their total number at the end of any accounting period.

6. The moving average method uses an average cost for inventory items that is calculated and .......... at the time of each sale.

7. The .......... method of inventory evaluation is based on the presumption that most companies normally sell the oldest items in their inventory before they sell the newer ones.

8. The .......... method is based on the presumption that the most recent stock items purchased will be the initial items sold.

9. The .......... method presumes that the company will continue to keep their oldest items in inventory.

10. The .......... method attempts to ensure that perishable products are sold while they are still in good condition.