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11 Cards in this Set

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merchandise that is in the backroom at stores
Reserve stock
Merchandise that is hidden on the sales floor and merchandise that is on the floor
Forward stock
Includes merchandise in Transit (if retailer owns), Merchandise at the distribution centers, reserve stock and forward stock
Inventory
Value at which the merchandise is priced when selling it to the consumer
Retail Price
Retailer uses the invoice costs or the cost prices assigned by the vendor as the value base for the inventory
Cost Price Method
Method most often used by retailersm especially when markups, markdowns, and other percentages are based on Retail Sales
Retail Price Method
Uses total retail sales for a period as the value base for the inventory
Quick Method
Method of tracking valuation where the merchandise that arrived first in the store is considered first sold
FIFO
Method of tracking valuation where the merchandise that arrived last is considered sold first
LIFO
Value of the inventory as kept by the ledgers or computer system
Book Value
provide an outline or guide sheet of the optimum stock types and levels that should be maintained
Model stock plans