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