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Definition of Ending inventory
The dollar value or unit total of goods on hand at the end of an
An inventory valuation method in which a company values the items in its ending inventory based
An inventory valuation method that calculates a weighted average cost per unit for all the goods available for sale.
the 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
An inventory costing methodology that bases the recognized cost of
The inventory cost-flow assumption that assigns the average
The inventory cost-flow assumption that
The inventory cost-flow assumption that assigns the most recent inventory acquisition costs to cost of goods sold. The earliest inventory
A secured loan that gives the lender a lien against all the borrower's inventories.
The average number of days' worth of sales that is held in inventory.
For companies: Raw materials, items available for sale or in the process of being made ready for
A secured short-term loan to purchase inventory. The three basic forms are a blanket
The ratio of annual sales to average inventory which measures the speed that inventory
Systems that schedule materials/inventory to arrive exactly as they are
The origination of mortgages by processing applications taken directly from prospective borrowers.
The number of times a company sold out and replaced its average stock of goods in a year. The formula is:
The value of the products that a retailing or wholesaling company intends to resell for a profit.
Goods bought or manufactured for resale but as yet unsold, comprising raw materials, work-in-progress and finished goods.
The cost of the goods that a company has available for resale.
Periodic inventory system
An 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 system
An inventory system in which the balance in the inventory account is adjusted for the units sold each time a sale is made.
A term describing the loss of products from inventory
inventory turnover ratio
The cost-of-goods-sold expense for a given
Refers to making an entry, usually at the close of a
Inventory Turnover Ratio
Provides 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 variance
the difference between the total actual fixed overhead and budgeted fixed overhead;
overhead spending variance
the difference between total actual overhead and total budgeted overhead at actual
variable overhead spending variance
the difference between total actual variable overhead and the budgeted amount of variable overhead based on actual input activity
a streamlined system of inventory
The beginning inventory for a period, plus the amount at the end of
The amount of money invested in inventory, as per a companyâ€™s
Finished goods inventory
Goods that have been completed by the manufacturing
Moving average inventory method
An inventory costing methodology that calls for the re-calculation of the average cost of all parts in stock after every purchase.
A system that continually tracks all additions to and deletions
Raw materials inventory
The total cost of all component parts currently in stock that
inventory that has been partially converted through the
Goods that a firm stores in anticipation of its later sale or use as an input.
Expenditures on capital goods including new housing. Financial ''investments" and sales of existing assets are not included.
Flexible Spending Account
A form of cafeteria plan allowing employees to pay
The cost of unsold goods that are held for sale in the ordinary course of business or
The number of days it would take to sell the ending balance in inventory at the
A shortfall between inventory based on actual physical counts and inventory
ABC inventory classification
A method for dividing inventory into classifications,
inventory intended for shipment to customers, usually
Finished goods inventory
Completed inventory items ready for shipment to
Excess inventory kept on hand to provide a buffer against
Excess inventories kept on hand as a buffer against contingent
Parts with no recent prior or forecasted usage.
inventory currently situated between its shipment and delivery
Those items included categorized as either raw materials, work-inprocess,
A transaction used to adjust the book balance of an inventory
The redirection of parts or finished goods away from their intended
A transaction used to record the reduction in inventory from a location,
The arrival of an inventory delivery from a supplier or other
inventory returned from a customer for any reason. This receipt
The number of times per year that an entire inventory or a
An inventory itemâ€™s budgeted maximum inventory level,
An inventory itemâ€™s budgeted minimum inventory level.
The current inventory balance, less allocated or reserved items.
Parts not used in any current end product.
A physical inventory count taken on a repetitive basis.
A manual or automated inventory tracking system in which
A manual count of the on-hand inventory.
The process of comparing book to actual inventory balances,
Very high inventory levels built up in anticipation of large
Parts for which the on-hand quantity exceeds forecasted
The direct management and ownership of selected
Ratio of annual sales to inventory, which shows how many times the inventory of a firm is sold and replaced during an accounting period.
A 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 Estimate
A change in the implementation of an existing accounting
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