Term
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Definition
| a merchandise inventory determined by counting weighing, or measuring items of merchandise on hand |
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Term
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Definition
| a merchandise inventory determined 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 if stock records for all merchandise on hand |
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Term
| 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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Term
| Last-in,last-out inventory costing method |
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Definition
| using the price of merchandise purcased last to calculate the cost of merchandise sold first |
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Term
| 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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Term
| 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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