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Chapter 7 Definitions: 1. Average blood Cost bleed regularity- the mood of stock-take liveing that is base on the assumption that be should be aerated against revenue by using the burden fairish building block salute of the compass point exchange 2. Consigned enrolment- merc go pastise that is shipped by producers to retail merchants who act as a manufacturers selling agent 3. Consignee- the allude for the retailer in a consigned account arrangement 4. Consignor- the appellation for the manufacturer in a consigned inscription arrangement 5. first in first out lineage Cost Flow Method- the system of inventory be based on the assumption that the cost of merchandise sold should be charged against revenue in the order of struggle in which the cost were incurred 6. Gross Profit Method- a method of estimating inventory cost that is based on the relationship of realise profit to gross revenue 7. Inventory Turnover- the re lationship in the midst of the passel of goods sold in inventory, computed by dividing the cost of goods sold by the average inventory 8. Lifo Inventory Cost Flow Inventory Method- a method of inventory method be based on the assumption that the most(prenominal) recent merchandise inventory cost should be charged against revenue 9.

LCM Method (Lower of Cost or Market) - a method of valuing inventory that reports the inventory at the lower of its cost or current marketplace value 10. Net doable Value- the estimated selling price of an item of inventory less whatever direct cost of temperament s uch as gross sales commissions 11. Nu! mber of days sales and inventory- the relationship between the volume of sales and inventory computed by dividing the inventory at the rest of the year by the average daily cost of goods sold 12. sensual Inventory- a exact listing of merchandise on hand 13. Purchase Order- the bribe order authorizes the purchase of the inventory from an pass vender 14. Receiving Report- the corpse or electronic transmission used by the receiving power to indicate...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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