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A1C19

Accounting 1 Chapter 19

TermDefinition
first-in, first-out inventory costing method using the price of merchandise purchased first to calculate the cost of merchandise sold first
gross profit method of estimating inventory estimating inventory by using the previous year's percentage of gross profit on operations
inventory record a form used during a periodic inventory to record information about each item of merchandise on hand
last-in, first-out inventory costing method using the price of merchandise purchased last to calculate the cost of merchandise sold first
periodic inventory a merchandise inventory determined by counting, weighing, or measuring items of merchandise on hand
perpetual inventory a merchandise inventory determined by keeping a continuous record of increases, decreases, and balance on hand
stock ledger a file of stock records for all merchandise on hand
stock record a form used to show the kind of merchandise, quantity received, quantity sold, and balance on hand
weighted-average inventory costing method using the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold
Created by: mrs226
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