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Ending inventory |
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Definition of Ending inventoryEnding inventoryThe dollar value or unit total of goods on hand at the end of an
Related Terms:SPECIFIC INVOICE PRICESAn inventory valuation method in which a company values the items in its ending inventory based WEIGHTED AVERAGEAn inventory valuation method that calculates a weighted average cost per unit for all the goods available for sale. units started and completedthe difference between the number of units completed for the period and the units in beginning inventory; it can also be computed as the number of units started during the period minus the units in ending inventory Last-in, first-out (LIFO)An inventory costing methodology that bases the recognized cost of Average-Cost Inventory MethodThe inventory cost-flow assumption that assigns the average First-In, First-Out (FIFO) Inventory MethodThe inventory cost-flow assumption that Last-In, First-Out (LIFO) Inventory MethodThe inventory cost-flow assumption that assigns the most recent inventory acquisition costs to cost of goods sold. The earliest inventory Blanket inventory lienA secured loan that gives the lender a lien against all the borrower's inventories. Days' sales in inventory ratioThe average number of days' worth of sales that is held in inventory. InventoryFor companies: Raw materials, items available for sale or in the process of being made ready for Inventory loanA secured short-term loan to purchase inventory. The three basic forms are a blanket Inventory turnoverThe ratio of annual sales to average inventory which measures the speed that inventory Just-in-time inventory systemsSystems that schedule materials/inventory to arrive exactly as they are Spot lendingThe origination of mortgages by processing applications taken directly from prospective borrowers. INVENTORY TURNOVERThe number of times a company sold out and replaced its average stock of goods in a year. The formula is: MERCHANDISE INVENTORYThe value of the products that a retailing or wholesaling company intends to resell for a profit. InventoryGoods bought or manufactured for resale but as yet unsold, comprising raw materials, work-in-progress and finished goods. InventoryThe cost of the goods that a company has available for resale. Periodic inventory systemAn inventory system in which the balance in the inventory account is adjusted for the units sold only at the end of the period. Perpetual inventory systemAn inventory system in which the balance in the inventory account is adjusted for the units sold each time a sale is made. inventory shrinkageA term describing the loss of products from inventory inventory turnover ratioThe cost-of-goods-sold expense for a given inventory write-downRefers to making an entry, usually at the close of a Inventory Turnover RatioProvides a measure of how often a company's inventory is sold or dollar days (of inventory)a measurement of the value of inventory for the time that inventory is held fixed overhead spending variancethe difference between the total actual fixed overhead and budgeted fixed overhead; overhead spending variancethe difference between total actual overhead and total budgeted overhead at actual variable overhead spending variancethe difference between total actual variable overhead and the budgeted amount of variable overhead based on actual input activity vendor-managed inventorya streamlined system of inventory Average inventoryThe beginning inventory for a period, plus the amount at the end of Book inventoryThe amount of money invested in inventory, as per a company’s Finished goods inventoryGoods that have been completed by the manufacturing Moving average inventory methodAn inventory costing methodology that calls for the re-calculation of the average cost of all parts in stock after every purchase. Perpetual inventoryA system that continually tracks all additions to and deletions Raw materials inventoryThe total cost of all component parts currently in stock that Work-in-process inventoryinventory that has been partially converted through the InventoryGoods that a firm stores in anticipation of its later sale or use as an input. Investment SpendingExpenditures on capital goods including new housing. Financial ''investments" and sales of existing assets are not included. Flexible Spending AccountA form of cafeteria plan allowing employees to pay InventoryThe cost of unsold goods that are held for sale in the ordinary course of business or Inventory DaysThe number of days it would take to sell the ending balance in inventory at the Inventory ShrinkageA shortfall between inventory based on actual physical counts and inventory ABC inventory classificationA method for dividing inventory into classifications, Distribution inventoryinventory intended for shipment to customers, usually Finished goods inventoryCompleted inventory items ready for shipment to Fluctuation inventoryExcess inventory kept on hand to provide a buffer against Hedge inventoryExcess inventories kept on hand as a buffer against contingent Inactive inventoryParts with no recent prior or forecasted usage. In-transit inventoryinventory currently situated between its shipment and delivery InventoryThose items included categorized as either raw materials, work-inprocess, Inventory adjustmentA transaction used to adjust the book balance of an inventory Inventory diversionThe redirection of parts or finished goods away from their intended Inventory issueA transaction used to record the reduction in inventory from a location, Inventory receiptThe arrival of an inventory delivery from a supplier or other Inventory returnsinventory returned from a customer for any reason. This receipt Inventory turnoverThe number of times per year that an entire inventory or a Maximum inventoryAn inventory item’s budgeted maximum inventory level, Minimum inventoryAn inventory item’s budgeted minimum inventory level. Net inventoryThe current inventory balance, less allocated or reserved items. Obsolete inventoryParts not used in any current end product. Periodic inventoryA physical inventory count taken on a repetitive basis. Perpetual inventoryA manual or automated inventory tracking system in which Physical inventoryA manual count of the on-hand inventory. Reconciling inventoryThe process of comparing book to actual inventory balances, Seasonal inventoryVery high inventory levels built up in anticipation of large Surplus inventoryParts for which the on-hand quantity exceeds forecasted Vendor-managed inventoryThe direct management and ownership of selected Inventory TurnoverRatio of annual sales to inventory, which shows how many times the inventory of a firm is sold and replaced during an accounting period. Lending PolicyA course of action adopted by a financial institution to guide and usually determine present and future decisions in the light of given conditions. Change in Accounting EstimateA change in the implementation of an existing accounting Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit. |