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Definition of In-transit inventory
inventory currently situated between its shipment and delivery
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
A phase of development in which the company's earnings begin to mature and decelerate to
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.
An inventory system in which the balance in the inventory account is adjusted for the units sold only at the end of the period.
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
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
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.
Average-Cost Inventory Method
The inventory cost-flow assumption that assigns the average
First-In, First-Out (FIFO) Inventory Method
The inventory cost-flow assumption that
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
Last-In, First-Out (LIFO) Inventory Method
The inventory cost-flow assumption that assigns the most recent inventory acquisition costs to cost of goods sold. The earliest inventory
ABC inventory classification
A method for dividing inventory into classifications,
inventory intended for shipment to customers, usually
The dollar value or unit total of goods on hand at the end of an
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.
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.
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