Term
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Definition
| independent dealer who sell the products to the public |
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Term
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Definition
| =Net Sales - Cost of goods sold |
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Term
| Items included in inventory |
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Definition
merchandise inventory
raw materials inventory
work in progress
finished goods inventory |
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Term
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Definition
| tangible property held for sale on the normal course of business or used in producing goods or services for sale |
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Term
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Definition
| includes goods held for resale in the ordinary course of business |
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Term
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Definition
| includes items acquired for the purpose of processing into finished goods |
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Term
| work in process inventory |
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Definition
| includes goods in the process of being manufactured |
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Term
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Definition
| includes manufactured goods that are complete and ready for sale |
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Term
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Definition
| refers to the earning of employees who work directly on the products being manufactured |
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Term
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Definition
| manufacturing costs that are not raw materials or direct labor costs |
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Term
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Definition
| refers to the sum of beginning inventory and purchases (or transfers to finished goods for the period) |
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Term
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Definition
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Term
| Specific Identification Method |
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Definition
| identifies the cost of the specific item that was sold |
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Term
| First-In, First-Out Method |
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Definition
| assumes that the first goods purchased are the first goods sold. |
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