1. Chapter 19 Terms Review Start slide show.
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Chapter 19 Terms

2. Periodic inventory
A merchandise inventory determined by counting, weighing, or measuring items of merchandise on hand
Chapter 19 Terms

3. Perpetual inventory
A merchandise inventory determined by keeping a continuous record of increases, decreases, and balance on hand
Chapter 19 Terms

4. Inventory record
A form used during a periodic inventory to record information about each item of merchandise on hand
Chapter 19 Terms

5. Stock record
A form used to show the kind of merchandise, quantity received, quantity sold, and balance on hand
Chapter 19 Terms

6. A file of stock records for all merchandise on hand
Stock ledger
A file of stock records for all merchandise on hand
Chapter 19 Terms

7. First-in, first-out inventory costing method
Using the price of merchandise purchased first to calculate the cost of merchandise sold first.
Chapter 19 Terms

8. First-in, first-out inventory costing method
Using the price of merchandise purchased first to calculate the cost of merchandise sold first.
Chapter 19 Terms

9. Last-in, first-out inventory costing method
Using the price of merchandise purchased last to calculate the cost of merchandise sold first
Chapter 19 Terms

10. Weighted-average inventory costing method
Using the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold
Chapter 19 Terms

11. Gross profit method of estimating inventory
Estimating inventory by using the previous year’s percentage of gross profit on operations
Chapter 19 Terms

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Chapter 19 Terms