Chapter 6 Homework (1)-Saved to my Mac References Mailings Review View Chapter 6

Question

Chapter 6 Homework (1)-Saved to my Mac References Mailings Review View Chapter 6 Homework Definitions Average Cost Method Consigned Goods Current Replacement Cost First-in, First-out (FIFO)FOB Destination FOB Shipping Point Just-in-time Inventory Lower-of cost-or-marketSpecific Identification Days In Inventory Inventory Tumover LIFO Reserve Last-in, Last-out (LIFO) Weightod-average Unit Cost 1. A basis whereby inventory is stated at lower of either its cost or its market value as determined by current replacement cost Inventory system in which companies manufacture or purchase goods only when needed 3. 4. 5. Measure of the average number of days inventory is held: calculated as 365 divided by inventory tunover Freight terms indicating that ownership of goods passes to the buyer when the public carrier accepts the goods from the seller For a company using LIFO, the difference between inventory reported using LIFO and inventory using FIFO Goods held for sale by one party although ownership of the goods is retained by another party 7. An actual physical-flow costing method in which particular items sold and item still in &. A ratio that indicates the liquidity of inventory by measuring the number of times average inventory are specifically costed to arrive at cost of goods sold and ending inventory inventory is sold during the period: computed by dividing cost of goods sold by the average inventory during the period An inventory costing method that assumes that the latest units purchased are the first to be sold 10. An inventory costing method that assumes that the earliest goods purchased are the first to be 11. The cost of purchasing the same goods at the present time from the usual suppliers in the usual 12. Average cost that is weighted by the number of units purchased at each unit cost sold quantities. Freight terms indicating that ownership of goods remains with the seller until the goods reach the buyer An inventory costing method that uses the weighted average unit cost to allocate the cost of goods available for sale to ending inventory and cost of goods sold 13. 14. (United States)

Explanation / Answer

Please post the remaining questions separately as only one question per post is allowed. Your first question had 14 sub-parts.

1) A basis whereby inventory is stated at lower of either its cost of its market value as determined by current replacement cost. Lower-of-cost-or-market 2) Inventory system in which companies manufacture or purchase goods only when needed. Just-in-time inventory 3) Measure of the average number of days invetory is held: calculated as 365 divided by inventory turnover. Days in Inventory 4) Freight terms indicating that ownership of goods passes to the buyer when the public carrier accepts the goods from the seller. FOB Shipping point 5) For a company using LIFO, the difference between inventory reported using LIFO and inventory reported using FIFO LIFO Reserve 6) Goods held for sale by one party although ownership of the goods is retained by another party Consigned Goods 7) An actual physical flow costing method in which particular items sold and items still in inventory are specifically costed to arrive at cost of goods sold and ending inventory. Specific identification method 8) A ratio that indicates the liquidity of inventory by measuring the number of times average inventory sold during the period; computed by dividing cost of goods sold by the average inventory during the period. Inventory turnover 9) An inventory costing method that assumes that the latest units purchased are the first to be sold LIFO 10) An inventory costing method that assumes that the earliest goods purchased are the first to be sold. FIFO 11) The cost of purchasing the same goods at the present time from the usual suppliers in the usual quantities Current replacement cost 12) Average cost that is weighted by the number of units purchased at each unit cost. Weighted-average Unit cost 13) Freight terms indicating that the ownership of goods remains with the seller until the goods reach the buyer FOB Destination 14) An inventory costing method that uses the weighted average unit cost to allocate the cost of goods available for sale to ending inventory and cost of goods sold Average Cost method

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