Practical Business Math Procedures - Chapter 18 Key Terms Flash Cards

Descrição

Flash cards for the Key Terms section of Practical Business Math Procedures Chapter 18.
DANIEL OLDHAM
FlashCards por DANIEL OLDHAM, atualizado 3 meses atrás
DANIEL OLDHAM
Criado por DANIEL OLDHAM 3 meses atrás
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Resumo de Recurso

Questão Responda
Average inventory Total of all inventories divided by number of times inventory taken.
Distribution of overhead Companies distribute overhead by floor space or sales volume.
First-in, first-out (FIFO) method This method assumes the first inventory brought into the store will be the first sold. Ending inventory is made up of goods most recently purchased.
Gross profit method Used to estimate value of inventory.
Inventory turnover Ratio that indicates how quickly inventory turns: Cost of Goods Sold/Average Inventory at Cost.
Just-in-time (JIT) inventory system System that eliminates inventories. Suppliers provide materials daily as manufacturing company needs them.
Last-in, first-out (LIFO) method This method assumes the last inventory brought into the store will be the first sold. Ending inventory is made up of the oldest goods purchased.
Overhead expenses Operating expenses not directly associated with a specific department or product.
Periodic inventory system Physical count of inventory taken at end of a time period. Inventory records are not continually updated.
Perpetual inventory system Inventory records are continually updated; opposite of periodic inventory system.
Retail method Method to estimate cost of ending inventory. The cost ratio times ending inventory at retail equals the ending cost of inventory.
Specific identification method This method calculates the cost of ending inventory by identifying each item remaining to invoice price.
Weighted-average method Calculates the cost of ending inventory by applying an average unit cost to items remaining in inventory for that period of time.

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