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.