Information about financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit.
Main Page: financial advisor, tax advisor, investment, stock trading, payroll, credit, financial, finance,
Definition of Work-in-process inventory
inventory that has been partially converted through the
a valuation method that uses actual direct
the amount of overhead that has been assigned to work in process inventory as a result of productive activity; credits for this amount are to an overhead account
a source document that provides virtually
a source document that indicates
a valuation method that uses actual
A method for dividing inventory into classifications,
The inventory cost-flow assumption that assigns the average
The beginning inventory for a period, plus the amount at the end of
A secured loan that gives the lender a lien against all the borrower's inventories.
The amount of money invested in inventory, as per a company’s
the process of combining information technology to create new and more effective
A federal Act requiring federal contractors to pay overtime for hours worked exceeding 40 per week.
The time that elapses between receipt of payment from a customer and the
relative costs and benefits that result from a specific course
The average number of days' worth of sales that is held in inventory.
A conception of the way a stock's price changes that assumes that the price takes on all
An unemployed person who gives up looking for work and so is no longer counted as in the labor force.
inventory intended for shipment to customers, usually
dollar days (of inventory)
a measurement of the value of inventory for the time that inventory is held
when the incremental revenue from the sale of reworked defective units is greater than
The dollar value or unit total of goods on hand at the end of an
FIFO method (of process costing)
the method of cost assignment that computes an average cost per equivalent
Finished goods inventory
Goods that have been completed by the manufacturing
Finished goods inventory
Completed inventory items ready for shipment to
First-In, First-Out (FIFO) Inventory Method
The inventory cost-flow assumption that
Excess inventory kept on hand to provide a buffer against
Excess inventories kept on hand as a buffer against contingent
In-house processing float
Refers to the time it takes the receiver of a check to process the payment and
inventory currently situated between its shipment and delivery
Parts with no recent prior or forecasted usage.
For companies: Raw materials, items available for sale or in the process of being made ready for
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.
Goods that a firm stores in anticipation of its later sale or use as an input.
The cost of unsold goods that are held for sale in the ordinary course of business or
Those items included categorized as either raw materials, work-inprocess,
A transaction used to adjust the book balance of an inventory
The number of days it would take to sell the ending balance in inventory at the
The redirection of parts or finished goods away from their intended
A transaction used to record the reduction in inventory from a location,
A secured short-term loan to purchase inventory. The three basic forms are a blanket
The arrival of an inventory delivery from a supplier or other
inventory returned from a customer for any reason. This receipt
A term describing the loss of products from inventory
A shortfall between inventory based on actual physical counts and inventory
The ratio of annual sales to average inventory which measures the speed that inventory
The number of times a company sold out and replaced its average stock of goods in a year. The formula is:
The number of times per year that an entire inventory or a
Ratio of annual sales to inventory, which shows how many times the inventory of a firm is sold and replaced during an accounting period.
inventory turnover ratio
The cost-of-goods-sold expense for a given
Inventory Turnover Ratio
Provides a measure of how often a company's inventory is sold or
Refers to making an entry, usually at the close of a
Statistical assumptions about the behavior of security prices. For
a manufacturing process that simultaneously
Just-in-time inventory systems
Systems that schedule materials/inventory to arrive exactly as they are
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
A project, such as digging holes and filling them up again, that has no useful purpose other than to make work.
An inventory item’s budgeted maximum inventory level,
The value of the products that a retailing or wholesaling company intends to resell for a profit.
An inventory item’s budgeted minimum inventory level.
modified FIFO method (of process costing)
the method of cost assignment that uses FIFO to compute a cost per
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.
the ability of a worker to monitor
The current inventory balance, less allocated or reserved items.
Net working capital
Current assets minus current liabilities. Often simply referred to as working capital.
net working capital
Current assets minus current liabilities.
a flexible organization structure that
Parts not used in any current end product.
A physical inventory count taken on a repetitive basis.
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.
A system that continually tracks all additions to and deletions
A manual or automated inventory tracking system in which
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.
Personal Responsibility and Work Opportunity Reconciliation Act
A federal Act requiring the reporting of new hires into a national database.
A manual count of the on-hand inventory.
Price discovery process
The process of determining the prices of the assets in the marketplace through the
A series of linked activities that result in a specific objective. For example, the
benchmarking that focuses on practices and how the best-in-class companies achieved their results
an assessment about the number of processes through which a product flows
A method of costing for continuous manufacture in which costs for an accounting compared are compared with production for the same period to determine a cost per unit produced.
A costing methodology that arrives at an individual product cost through the calculation of average costs for large quantities of identical products.
process costing system
a method of accumulating and assigning costs to units of production in companies producing large quantities of homogeneous products;
Process flow production
A production configuration in which products are continually
a flowchart or diagram indicating every step
the total units produced during a period
process quality yield
the proportion of good units that resulted from the activities expended
the actual time consumed performing the
product- (or process-) level cost
a cost that is caused by the development, production, or acquisition of specific products or services
Purchased In-Process Research and Development
Unfinished research and development that is acquired from another firm.
Raw materials inventory
The total cost of all component parts currently in stock that
The process of comparing book to actual inventory balances,
Material that has been reworked and returned to stock.
Refers to a product that does not meet a company’s minimum quality standards,
The refurbishment of a faulty part.
Very high inventory levels built up in anticipation of large
statistical process control (SPC)
the use of control techniques that are based on the theory that a process has natural variations in it over time, but uncommon variations
strict FIFO method (of process costing)
the method of cost assignment that uses FIFO to compute a cost per equivalent unit and, in transferring units from a department, keeps the
Parts for which the on-hand quantity exceeds forecasted
a streamlined system of inventory
Related to : financial, finance, business, accounting, payroll, inventory, investment, money, inventory control, stock trading, financial advisor, tax advisor, credit.