Inventory

inventory that has been shipped to another seller who acts as the selling agent for the owner

inventory method based on the assumption that units purchased first are to be sold first

inventory method based on assumption that units purchased more recently are to be sold first

method comparing the value or cost of inventory versus current market price, and the lower price is recorded

current value of the inventory in the market relative to estimated selling price minus all direct costs of disposing of the items

method whereby records are updated when a physical count of inventory on hand is done, after everything has been counted

method whereby each sale and purchase transaction is recorded directly to the inventory account as records are constantly updated in real time

documented physical count of inventory items, usually taken at year-end

record documenting approval and authorization for the purchase of inventory

record that shows what items were received from a vendor

method used for unique items whereby the cost of the unit sold is explicitly stated with each purchase

individual ledger accounts used to keep track of current inventory on hand for various items

method whereby the carrying value of a unit of inventory is based on the weighted average cost of inventory purchases