Chapter 18 Inventory And Overhead Flashcards
1
Q
Specific identification method
Costs of goods sold=
A
Cost of goods available for sale-cost of ending inventory
2
Q
Weighted average method
Weighted average unit cost=
A
Total cost of goods available for sale/total number of units available for sale
3
Q
Estimating inventory
Retail method cost ratio=
A
Cost of goods available for sale at cost/cost of goods available for sale at retail
4
Q
Inventory turnover at retail=
A
Net sales/ average inventory at retail
5
Q
Inventory turnover at cost=
A
Cost of goods sold/average inventory at cost
6
Q
Average inventory
A
Beginning inventory+ending inventory/2
