Accounting - Chapter 20
Terms in this set (9)
First-in, first out inventory costing method
Using the price of merchandise purchased first to calculate the cost of merchandise sold first
Gross profit method of estimating inventory
Estimating inventory by using the previous year's percentage of gross profit on operations.
A form used during a physical inventory to record information about each item of merchandise on hand.
Last-in, first-out inventory costing method
Using the price of merchandise purchased last to calculate the cost of merchandise sold first.
Lower of cost or market
Using the lower of cost or market price to calculate the cost of ending merchandise inventory.
The price that must be paid to replace an asset.
A file of stock records for all merchandise on hand.
A form used to show the kind of merchandise, quantity received, quantity sold, and balance on hand.
Weighted-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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