All about Inventory Other Terms Review Potpourri $100100$100100$100100 $200200$200200$200200 $300300$300300$300300 $400400$400400$400400 $500500 W. Avg.

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Presentation transcript:

All about Inventory Other Terms Review Potpourri $100100$100100$ $200200$200200$ $300300$300300$ $400400$400400$ $ W. Avg & Specific ID $ $ $ $ $ FIFO $ $ $ $ $500500$500500$500500

All About Inventory - $100 Property held for sale in the normal course of business, or to be combined with other items to produce goods for sale. What is Inventory? Back to Board

All About Inventory - $200 Beginning inventory plus purchases for the period. What is Goods Available for Sale? Back to Board

All About Inventory - $300 Number of units sold times the unit cost of the items sold. What is Cost of Goods Sold (COGS or CGS)? Back to Board

All About Inventory - $400 The Cost of Goods Sold equation. What is Beginning Inventory + Purchases – Ending Inventory = COGS? Back to Board

All About Inventory - $500 Goods in the process of being manufactured but that are not yet complete. What is Work in Process Inventory? Back to Board

FIFO - $100 The full name for FIFO. What is first-in, first-out? Back to Board

FIFO - $200 The method of inventory costing which is allowed in the US but not in Canadian ASPE or IFRS. What is LIFO (last-in, first-out)? Back to Board

FIFO - $300 Buy one item each purchase at $3, $4, $5 and $6 in that order and sell 3 items; ____ is the cost assigned to the ending inventory. What is $6? Back to Board

FIFO - $400 Back to Board Buy items at $1, $2, and $3 in that order; __&__ are the costs assigned to the first two items sold under FIFO. What are $1 and $2?

FIFO - $500 FIFO assigns the _________ costs to Inventory. What is newest or most recent? Back to Board

W. Avg & Specific ID - $100 Requires the cost of inventory to be recalculated each time inventory is sold. What is Weighted Average Cost? Back to Board

W. Avg & Specific ID - $200 $ Cost of goods available for sale # of units available for sale What is the Weighted Average Cost of goods available for sale? Back to Board

W. Avg & Specific ID - $300 DAILY DOUBLEDAILY DOUBLE!!!

W. Avg & Specific ID - $400 Costing method that identifies the cost of the specific item that is sold. What is Specific Identification? Back to Board

W. Avg & Specific ID - $500 The Weighted Average CoGS amount when 2 items are purchased at $0.50 ea. and 3 at $3 ea.; and 4 are sold. (Try it without a calculator.) What is $8? ($10/5 items = $2/item) Back to Board

Other Terms - $100 The term for the initial stage of inventory, as used by manufacturers. What is Raw Materials? Back to Board

Other Terms - $200 CoGS divided by average inventory. What is Inventory Turnover Ratio? Back to Board

Other Terms - $300 Valuation rule that requires the inventory account to be reduced when the value of inventory falls below its cost. What is Lower of Cost and Net Realizable Value? Back to Board

Other Terms - $ /Inventory Turnover Ratio. What is Days to Sell? Back to Board

Other Terms - $500 If costs per unit are increasing a company using FIFO will face _____(higher or lower) income tax expense. What is higher? Back to Board

Review Potpourri - $100 Back to Board The account into which the cost of transportation is recorded when a perpetual inventory system is used. What is Inventory?

Review Potpourri - $200 Back to Board The accounts affected by a Sales Return. What are Sales Returns and Allowances, Cash (or A/R), Inventory, and Cost of Goods Sold?

Review Potpourri - $300 Back to Board This expression describes reductions in the cost of inventory purchases associated with unsatisfactory goods. What are Purchase Returns and Allowances?

Review Potpourri - $400 Back to Board The internal control principle that relates to preparing a bank reconciliation. What is independent verification?

Review Potpourri - $500 Back to Board The internal control principle that encourages companies to create a record of each transaction. What is document procedures?

Daily Double Specify Your Wager!

W. Avg & Specific ID --- The two categories into which inventory costing methods split the total dollar amount of goods available for sale. Back to Board What are CoGS and Ending Inventory?