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Chapter 6 Read to Know YOU MUST MEMORI ZE THIS WORKSHEET FOR THE IN-CLASS ACTIVITY (INCLUDING PROPER SPELLING) nventory classification used by merchandisers to describe the many different items 1. What is the i that make up their total inventory? Mecchandise invental 2. List the t hree categories of inventory for manufacturers, and define each category ed gooda inventory manutochured items that are b. unprocess-thatpartian of manufactured invento thathas heen placed is duchian C. 3. What is a just-in-time inventory method? When companie s manu purchast gaods alheaneeded sur use whenneeded focuse 4. What are goods in transit?lwhenth y et been received,or it may have sold 5. Who owns goods in transit (buyer or seller) when freight terms are FOB Destination? ny may ho good's thathaveht ye beendelivered SelleC t means that the _buyeowns the goods in tra 6. FOB Shipping point theh 7. Define consigned goods. when one holdsthe goods of other parties and testo sll thgood s fur tein fat afee bu-uitheut taking lnes 8. Who owns consigned goods? The party holding the goods, trying to sell them? Or the party who gave the goods to someone to sell on their behalf? The parh the goodsto Someone Il on their behalf. method requires that companies keep 9. The specificideniesaton records of the original cost of each individual inventory item. This method results in a high degree of accuracy to the cost of inventory, since the exact cost at which something was