PUHSD Acct 3-4 Chapter 5 Vocabulary

A form used to show the type of merchandise, quantity received and sold and balance on hand

• inventory record
• stock record
• FIFO
• LIFO

Using the price of merchandise purchased LAST to calculate the cost of merchandise sold first

• gross profit
• stock record
• FIFO
• LIFO

Goods that are given to a business to sell but for which title remains with the vendor 

• consignment
• consignee
• FOB Shipping
• FOB Destination

Using the lower of cost or market price to calculate the cost of ending merchandise inventory

• first-in, first-out inventory
• last-in, first-out inventory
• lower of cost or market inventory
• weighted-average inventory

A form used during a physical inventory to record info about each item of merchandise on hand

• consignment
• stock record
• inventory record
• inflation

Number of times the average amount of merchandise inventory is sold during a specific period

• retail method
• inventory turnover ratio
• days' sales in inventory
• gross profit method

Using the price of merchandise purchased FIRST to calculate cost of merchandise sold first

• gross profit method
• retail method
• FIFO
• LIFO

Using the average cost of beginning inventory plus merchandise purchased to calculate cost sold

• FIFO
• LIFO
• gross profit method
• weighted-average method

Standards and rules that accountants follow while recording and reporting financial activities

• FIFO
• LIFO
• GAAP
• AICPA

The person or business that RECEIVES goods on consignment

• consignment
• consignor
• consignee