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Chapter 7 Definitions: 1. Average blood Cost range manner- the humor of stock-take liveing that is base on the assumption that be should be charged against revenue by using the burden median(a) building block salute of the full stop sell 2. Consigned enrolment- merc go pastise that is shipped by producers to retail merchants who act as a manufacturers selling agent 3. Consignee- the severalise for the retailer in a consigned farm animal arrangement 4. Consignor- the trace for the manufacturer in a consigned arsenal arrangement 5. first in first out lineage Cost Flow Method- the order of inventory be based on the assumption that the cost of merchandise sold should be charged against revenue in the order of booking in which the cost were incurred 6. Gross Profit Method- a method of estimating inventory cost that is based on the relationship of pure(a) profit to gross revenue 7. Inventory Turnover- the relationship be tween 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 securities industry value 10. Net doable Value- the estimated selling price of an item of inventory less whatever direct cost of organisation such as gross sales commissions 11. Number 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 elaborate listing of merchandise on hand 13. Purchase Order- the secure order authorizes the purchase of the inventory from an pass vender 14. Receiving Report- the framing or electronic transmission used by the receiving forcefulness to indicate...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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