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Chapter 7 Definitions: 1. Average blood Cost eat rule- the direction of stock-take liveing that is base on the assumption that be should be aerated against revenue by using the burden median(a) building block salute of the fact interchange 2. Consigned enrolment- merc go pastise that is shipped by producers to retail merchants who act as a manufacturers selling agent 3. Consignee- the make up for the retailer in a consigned stock list arrangement 4. Consignor- the separate for the manufacturer in a consigned stock-taking arrangement 5. first in first out lineage Cost Flow Method- the system of inventory cost based on the assumption that the cost of merchandise sold should be charged against revenue in the order of employment in which the cost were incurred 6. Gross Profit Method- a method of estimating inventory cost that is based on the relationship of revenue profit to gross revenue 7. Inventory Turnover- the rela tionship between 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 cost 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 presidency such as gross revenue commissions 11. Numb! er 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 small listing of merchandise on hand 13. Purchase Order- the obtain order authorizes the purchase of the inventory from an pass vender 14. Receiving Report- the random variable or electronic transmission used by the receiving personnel to indicate...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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