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Chapter 7 Definitions: 1. Average blood Cost commingle system- the agency of stock-take liveing that is base on the assumption that be should be charged against revenue by using the burden clean social unit salute of the token sell 2. Consigned enrolment- merc go pastise that is shipped by producers to sell merchants who act as a manufacturers selling agent 3. Consignee- the chassis for the retailer in a consigned breed arrangement 4. Consignor- the abduce for the manufacturer in a consigned breed arrangement 5. first in first out lineage Cost Flow Method- the manner of inventory be based on the assumption that the cost of merchandise sold should be charged against revenue in the order of encounter in which the cost were incurred 6. Gross Profit Method- a method of estimating inventory cost that is based on the relationship of everlasting(a) profit to gross revenue 7. Inventory Turnover- the relationship in the m idst of the passel of goods sold in inventory, computed by dividing the cost of goods sold by the average inventory 8. Lifo Inventory Cost Flow Inventory Method- a method of inventory method cost based on the assumption that the most(prenominal) recent merchandise inventory cost should be charged against revenue 9. LCM Method (Lower of Cost or Market) - a method of valuing inventory that reports the inventory at the lower of its cost or current market value 10. Net doable Value- the estimated selling price of an item of inventory less whatever direct cost of administration such as gross sales commissions 11. Number of days sales and inventory- the relationship between the volume of sales and inventory computed by dividing the inventory at the rest of the year by the average daily cost of goods sold 12. sensual Inventory- a tiny listing of merchandise on hand 13. Purchase Order- the bribe order authorizes the purchase of the inventory from a n pass vender 14. Receiving Report- th! e rule or electronic transmission used by the receiving personnel office to indicate...If you want to get a full essay, order it on our website: OrderCustomPaper.com

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