Flashcards
CHapter 18
Cards in this deck (12)
- 1Distribution of OverheadCompanies distribute overhead by floor space or sales volumes
- 2Overhead expensesOperating expenses not directly associated with a specific department or product.
- 3Just-In-Time Inventory systemSystem that eliminates inventories. Suppliers provide materials daily as manufacturing company needs them.
- 4Average inventoryThe total of all inventories divided by number of times inventory taken.
- 5Inventory turnoverThis is the ratio that indicates how quickly inventory turns
- 6Retail methodMethod to estimate cost of ending inventory.
- 7Specific identification methodThis method calculates the cost of ending inventory by identifying each item remaining to invoice price
- 8Weighted-average methodCalculates the cost of ending inventory by applying an average unit cost to items remaining in inventory for that period of time.
- 9First-in, First-out methodFIFO: the method that assumes the first inventory brought into the store will be the first sold.
- 10Last-in, First-outLIFO: This is the method that assumes the last inventory brought into the store will be the first sold.
- 11Perpetual inventory systemInventory records are continually updated
- 12Periodic inventory systemPhysical count of inventory taken at end of a time period.
Information
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- Business Quantitive Methods Quantive Business Methods Flashcards on CHapter 18, created by CHELSEY MOWEN on 27/09/2024.
- Created by
- CHELSEY MOWEN · Sep 2024
- Updated
- Sep 27, 2024
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