QUESTION 21 is defined as goods that have been shipped to a company but do not have to be paid for until they are sold. Periodic inventory Merchandise inventory Consigned goods Perpetual inventory QUESTION 22 LIFO is described as: A method of valuing inventory in which the first units into inventory are considered sold first. A method of using goods that a hospitality firm holds for resale to guests. A method of accounting procedure for valuing ending inventory. A method of valuing inventory in which the last units into inventory are considered sold first