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1. Inventory pool is viewed as comprising layers of dollar value from different periods. 2. Goods are transferred to another company but title (ownership) remains with transferor. 3. Items sold come from a mixture of goods acquired during the period. 4. Purchases are recorded for the full cost of the inventory less any possible discount 5. Calculate cost of goods sold at the end of the period. 6. If LIFO is used for taxes, it must be used for financial reporting. 7. Legal title passes when goods are delivered to the carrier. 8. Consists of inventory units grouped based on physical similarities to reduce layer liquidation 9. Continuously records changes in inventory, 10. Used to convert ending inventory at year-end cost to base year cost 11. Assumes items sold are those acquired first. 12. Is a contra inventory account. 13. Assumes items sold are those acquired last 14. Legal title passes when goods arrive to the buyer. 15. Purchases are recorded for the full cost of the inventory. a. Average cost b. Gross metod c. Cost index d. Life e. Life reserve or lifo allowance f. Eeb shipping point g. Life pool h. Consigment i. Net method j. IRS conformity rule period k. Dollar value life 1. Eeb destination m. Periodic inventory n. Eife 0. Perpetual inventory O