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I do not know why I am struggling with these terms but I cannot figure them out.

Search the menus (Alt+/) A ? 100% Normal text Arial 11 + 5 6 A. Fill in the blank 1. _perpetual inventory system__ = the inventory system in which each purchase and sale of merchandise is recorded in the inventory account and related subsidiary ledger; therefore, the inventory records are updated continuously. 2. FOB Destination__ = freight terms in which the seller pays the transportation costs from the shipping point to the final destination. 3. __FOB Shipping = freight terms in which the buyer pays the transportation costs from the shipping point to the final destination. 4. ___LIFO__ = a method of inventory costing based on the assumption that the last units purchased are assumed to be sold and the ending inventory is made up of the first purchases. 5. FIFO__ = a method of inventory costing based on the assumption that the costs of merchandise sold should be charged against revenue in the order in which the costs were incurred. 6. = the class of receivables that includes interest receivable, taxes receivable, and receivables from officers or employees. 7. = Sales - Cost of Goods Sold 8. = selling receivables 9. = the receivable that is usually evidenced by a formal, written instrument of credit. 10. = A note that the maker fails to pay on the due date. 2 B

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