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Details Title: Finacial Accounting Description: ACCU201 Chapter 7 Total Flash Cards: 6 Created: 10/31/2006 22:00:30	To study from this set of flash cards, or to create your own your own study flash cards, register HERE. If you are already a registered user, CLICK HERE.
Cards Term 3 types of inventory Definition raw materials, work in process, finished goods (merchandise) Term FIFO Definition first in first out, oldest costs - cgs, recent costs - ending inventory Term LIFO Definition last in first out: oldest costs: ending inventory recent costs: cgs Term average cost method Definition 1st: average cost p/unit = cost of goods available for sale / number of units available for sale 2nd: Ending Inventory = units in ending inventory * average cost p/ unit 3rd: CGS = units sold * avg cost p/ unit Term average inventory Definition begining inventory + ending inventory / 2 Term inventory turnover ratio Definition CGS / average inventory