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Presentation transcript:

Chapter 19 Terms Review Start slide show. Click once to advance to next term. Read definition and state term. Click again to see if you are correct. Repeat steps 2 through 4 until all terms have been revealed. Chapter 19 Terms

Periodic inventory A merchandise inventory determined by counting, weighing, or measuring items of merchandise on hand Chapter 19 Terms

Perpetual inventory A merchandise inventory determined by keeping a continuous record of increases, decreases, and balance on hand Chapter 19 Terms

Inventory record A form used during a periodic inventory to record information about each item of merchandise on hand Chapter 19 Terms

Stock record A form used to show the kind of merchandise, quantity received, quantity sold, and balance on hand Chapter 19 Terms

A file of stock records for all merchandise on hand Stock ledger A file of stock records for all merchandise on hand Chapter 19 Terms

First-in, first-out inventory costing method Using the price of merchandise purchased first to calculate the cost of merchandise sold first. Chapter 19 Terms

First-in, first-out inventory costing method Using the price of merchandise purchased first to calculate the cost of merchandise sold first. Chapter 19 Terms

Last-in, first-out inventory costing method Using the price of merchandise purchased last to calculate the cost of merchandise sold first Chapter 19 Terms

Weighted-average inventory costing method Using the average cost of beginning inventory plus merchandise purchased during a fiscal period to calculate the cost of merchandise sold Chapter 19 Terms

Gross profit method of estimating inventory Estimating inventory by using the previous year’s percentage of gross profit on operations Chapter 19 Terms

Click one of the following choice: Try again button End show button Chapter 19 Terms