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A1C19
Accounting 1 Chapter 19
Term | Definition |
---|---|
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 |
inventory record | a form used during a periodic 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 |
periodic inventory | a merchandise inventory determined by counting, weighing, or measuring items of merchandise on hand |
perpetual inventory | a merchandise inventory determined by keeping a continuous record of increases, decreases, and balance on hand |
stock ledger | a file of stock records for all merchandise on hand |
stock record | 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 |