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Description
Flashcards by DaLena Schultz, updated 2 months ago
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Created by DaLena Schultz
2 months ago
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| Question | Answer |
| Perpetual inventory system | inventory always up to date |
| Periodic inventory system | Physical count taken after a certain amount of time |
| Specific identification method | cost of ending inventory by each item remaining |
| Weighted-average method | cost of ending inventory by average unit cost |
| FIFO First in first out | bought first is sold first |
| LIFO Last in first out | last inventory bought is first to be sold |
| Retail method | ratio times ending inventory |
| Gross profit mehtod | estimate value of inventory |
| Inventory turn over | ration for how quick items sell |
| Just in time inventory system | suppliers provide material daily |
| Overhead expenses | not directly with the products |
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