Flashcards
chapter 18 terms
Cards in this deck (15)
- 1average inventorytotal of all inventories divided by number of times inventory taken
- 2distribution of overheadcompanies distribute overhead by floor space or sales volume
- 3FIFO methodthis method assumes the first inventory brought the store will be the first sold
- 4GAAPaccounting rules or standards set by a policy board to establish commonly accepted reporting of info
- 5Gross profit methodused to estimate value of inventory
- 6IFRSaccounting rules or standards used internationally to establish commonly accepted reporting of accounting info
- 7inventory turnoverration that indicates how quickly inventory turns
- 8JIT inventory systemsystem that eliminates inventories
- 9LIFO methodthis method assumes the last inventory brought into the store will be the first sold ending inventory is made up of the oldest goods purchased
- 10overhead expensesoperating expenses not directly associated with a specific department or product
- 11periodic inventory systemphysical count of inventory taken at end of time period
- 12perpetual inventory systeminventory records are continually updated opposite of periodic inventory system
- 13retail methodmethod to estimate cost of ending inventory the cost ration times ending inventory at retail equals the ending cost of inventory
- 14specific identification methodthis method calculates the cost of ending inventory by indentify each item remaining to invoice price
- 15weighted average methodcalculates the cost of ending inventory by applying an average unit cost to items remaining in inventory for that time period
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- undergraduate class bus quant methods Flashcards on chapter 18 terms , created by GIO CONTRERAS on 27/09/2025.
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