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10 Cards in this Set
- Front
- Back
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Merchandise Inventory |
Goods ready for sale to customers by retailers and wholesalers. |
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Work In Progress |
Goods that are only partially completed in a manufacturing company. |
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FOB Shipping Point |
Title to the goods transfers when the public carrier accepts the goods from the seller. |
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FOB Destination |
Title to goods transfers when the goods are delivered to the buyer. |
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Specific Identification Method |
Tracks the actual physical flow for each inventory item available for sale. |
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FIFO (First-in, First-out) |
Ending inventory valuation consists of the most recent inventory purchases. |
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LIFO (Last-in, First-out) |
Cost of goods sold consists of the most recent inventory purchases. |
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Average-cost method |
The same unit cost is used to value ending inventory and cost of goods sold. |
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Inventory Turnover |
Measures the number of times the inventory sold during the period. |
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Current Replacement Cost |
The amount that would be paid at the present time to acquire identical items. |
