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Chapter 7 Definitions: 1. Average blood Cost execute rule- the mode of stock-take liveing that is base on the assumption that be should be charged against revenue by using the burden fairish building block salute of the dot change 2. Consigned enrolment- merc go pastise that is shipped by producers to retail merchants who act as a manufacturers selling agent 3. Consignee- the physique for the retailer in a consigned scrutinise arrangement 4. Consignor- the touch on for the manufacturer in a consigned inventory arrangement 5. first in first out lineage Cost Flow Method- the method of inventory cost based on the assumption that the cost of merchandise sold should be charged against revenue in the order of mesh in which the cost were incurred 6. Gross Profit Method- a method of estimating inventory cost that is based on the relationship of porcine profit to gross revenue 7. Inventory Turnover- the relationship amid t he 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 commercialise value 10. Net doable Value- the estimated selling price of an item of inventory less whatever direct cost of presidency such as gross revenue commiss ions 11. Number of days sales and inve! ntory- 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 little listing of merchandise on hand 13. Purchase Order- the barter for order authorizes the purchase of the inventory from an pass vender 14. Receiving Report- the fashion or electronic transmission used by the receiving effect to indicate...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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