Term
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Definition
| raw materials, work in process, finished goods (merchandise) |
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Term
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Definition
first in first out,
oldest costs - cgs, recent costs - ending inventory |
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Term
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Definition
last in first out:
oldest costs: ending inventory
recent costs: cgs |
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Term
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Definition
| 1st: average cost p/unit = cost of goods available for sale / number of units available for sale 2nd: Ending Inventory = units in ending inventory * average cost p/ unit 3rd: CGS = units sold * avg cost p/ unit |
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Term
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Definition
| begining inventory + ending inventory / 2 |
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Term
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Definition
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