08 Oct Principles of Accounting 1 Purchase order
Principles of Accounting 1
Purchase order
Physical inventory
Receiving report
Subsidiary inventory ledger
Question 2First in, first out (FIFO)
Last in, first out (LIFO)
A. A method of inventory costing based on the assumption that the most recent merchandise inventory costs should be charged against revenue.
Weighted average inventory
Specific identification inventory cost flow method
Question 3
Lower-of-cost-or-market (LCM) method
Net realizable value
Consigned inventory
Consignor
Consignee
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