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Last-in, first-out inventory costing method (LIFO)
using the price of merchandise purchased last to calculate the cost of merchandise sold first.
Lower of cost or market inventory costing method
using the lower of cost or market price to calculate the cost of merchandise inventory
Merchandise inventory turnover ratio
the number of times the average amount of merchandise inventory is sold during a specific period of time
Modified accelerated cost recovery system
depreciation method required by the Internal Revenue Service to be used for income tax calcualtion purposes for most plant assets placed in service after 1986
a form of trade credit which specifies payment is expected to be received in full 30 days after the goods are delivered
a merchandise inventory determined by counting, weighing, or measuring items of merchandise on hand
a merchandise inventory determined by keeping a continuous record of increases, decreases, and balance on hand
Plant assest record
an accounting form on which a business records information about each plant assest
expenses paid in one fiscal period but not reported as expenses until a later fiscal period
Producation unit method of depreciation
method in which depreciation is computed on the basis of an asset's actual use, instead of the time in service, to match depreciation expense with the revenue generated
unit method of depreciation-calculating estimated annual depreciation expenses based on the amount of production expected from a plant assest
Retail method of estimating inventory
estimating inventory by using a percentage based on both cost and retail prices
an entry made at teh beginning of oen fiscal period to reverse and adjusting entry made in the previous fiscal period
the amount or percentage of profit lost to shoplifing, employee theft, and paperwork error
a form used to show the kind of merchandise, quantity received, quantity sold, and balance on hand
Straight line method of depreciation
charging an equal amount of depreciation expense for a plant assest in each year of useful life
Sum-of-the-years' digit method of depreciation
using fractions based on years of a plant asset's useful life
Weight-average inventory costing method
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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