Adv. Accounting - Chapter 6 Review Question Preview (ID: 11690)
INVENTORY!
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A completed form authorizing a seller to deliver goods with payment to be made later is called a(n)
a) stock ledger
b) purchase order
c) stock record
d) invoice
The costing method that uses the price of merchandise purchased last to calculate the cost of merchandise sold first is called
a) first-in, first-out
b) lower of cost or market
c) last-in, first-out
d) weighted average
A form used during a periodic inventory to record information about each item of merchandise on hand is called a(n)
a) stock record
b) stock ledger
c) inventory record
d) merchandise-on-hand record
The number of times the average amount of merchandise inventory is sold during a specific period of time is called the
a) average number of days' sales in merchandise inventory
b) average sales turnover ratio
c) inventory sales period ratio
d) merchandise inventory turnover ratio
Goods that are given to a business to sell but for which title remains with the vendor, are called a(n)
a) consignment
b) purchase
c) sale
d) cosignee
The costing method that uses the lower of cost or market price to calculate the cost of ending merchandise inventory is called
a) first-in, first-out
b) lower of cost or market
c) last-in, first-out
d) weighted average
A form used to show the type of merchandise, quantity received, quantity sold, and balance on ahnd is called a(n)
a) stock ledger
b) purchase order
c) stock record
d) invoice
The inventory method that uses the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold is called
a) first-in, first-out
b) lower of cost or market
c) last-in, first-out
d) weighted average
A person or business that gives goods on consignment is called the
a) consignment buyer
b) consignee
c) consignor
d) owner
The method of estimating inventory by using a percentage based on both cost and retail prices is called
a) gross profit
b) periodic inventory
c) percentage
d) retail
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