Match the appropriate term and definition.
Question 3 options:
12345 Days to Sell
12345 Goods in Transit
12345 Finished Goods Inventory
12345 LIFO Conformity Rule
12345 Inventory Turnover Ratio
1. Inventory that was in process and now is completed and ready for sale.
2. Inventory items being transported.
3. A measure of the average number of days from the time inventory is bought to the time it is sold.
4. How many times (on average) that inventory has been bought or sold.
5. Requires that if LIFO is used on the income tax return, it also must be used in financial statement reporting.
