Inventory Valuation
The account used to record inventory purchases.
What is inventory?
OR
What is purchases?
The term for people stealing inventory from a retail store.
What is shoplifting?
Items in merchandise inventory
What are goods?
The number of times the average amount of merchandise inventory is sold during a specific period of time
What is the inventory turn over ratio?
Marvel movie from this summer that included a super powered baby.
What is Fantastic Four?
The meaning of the acronym FIFO
What is first in first out?
The people who count on a business to have the right inventory when they come to buy it.
Who are customers?
The meaning of GAAP
What are Generally Accepted Accounting Principals?
Expresses a relationship between an average inventory and the cost of merchandise sold
What is inventory turn over ratio?
Six Flags ride they just announced is not longer in the park.
What is the conquistador?
Inventory method that averages the cost of inventory over the fiscal period to determine the value of the inventory balance.
What is weighted average costing?
The financial statements that are misstated if you don't keep accurate inventory records.
What are the income statement and the balance sheet?
Goods that are given to a business to sell but for which title remains with the vendor
What are consignment goods?
The time needed to sell an average amount of merchandise inventory.
What is days' sales in inventory?
The item that will earn you bonus points if you bring it Friday.
What is a Garland library card?
The inventory method not allowed by IFRS.
What is LIFO
The term for the bank's requirements for businesses who have a line of credit with them.
What is a debt covenant?
The person or business that receives goods on consignment (the one who sells them for the owner).
Who is the consignee?
The higher the number of days in inventory, the ______ merchandise tends to remain unsold
What is longer?
The tallest roller coaster at Six Flags
What is the Titan?
What are the gross profit and retail methods?
The class Mrs. Hewitt's mother hated because the problems involved people who did not keep track of their inventory.
What is algebra?
The person or business that gives goods on consignment (the one who owns the goods).
Who is the consignor?
The number of months in inventory if your days' sales in inventory is 90
What is three?
Mickey Mouse's first film