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F&M chap 6

glossary terms

QuestionAnswer
average inventory cost flow method The method of inventory costing that is based on the assumption that costs should be charged against revenue by using the weighted average unit cost of the items sold.
consigned inventory Merchandise that is shipped by manufacturers to retailers who act as the manufacturer’s selling agent.
Consignee The name for the retailer in a consigned inventory arrangement.
Consignor The name for the manufacturer in a consigned inventory arrangement.
first-in, first-out (FIFO) The 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.
gross profit method A method of estimating inventory cost that is based on the relationship of gross profit to sales.
inventory subsidiary ledger A ledger containing individual accounts with a common characteristic.
inventory turnover The relationship between the volume of goods sold and inventory, computed by dividing the cost of goods sold by the average inventory.
last-in, first-out (LIFO) A method of inventory costing based on the assumption that the most recent merchandise inventory costs should be charged against revenue.
lower-of-cost-or-market (LCM) A method of valuing inventory that reports the inventory at the lower of its cost or current market value (replacement cost).
net realizable value The estimated selling price of an item of inventory less any direct costs of disposal, such as sales commissions.
number of days’ sales in inventory The relationship between the volume of sales and inventory, computed by dividing the inventory at the end of the year by the average daily cost of goods sold.
physical inventory A detailed listing of merchandise on hand.
purchase order The purchase order authorizes the purchase of the inventory from an approved vendor.
receiving report The form or electronic transmission used by the receiving personnel to indicate that materials have been received and inspected.
retail inventory method A method of estimating inventory cost that is based on the relationship of gross profit to sales.
specific identification inventory cost flow method Inventory method in which the unit sold is identified with a specific purchase.
Created by: 551231446