An estimate of days needed to convert the inventory available at the end of the period into receivables or cash. > A procedure for estimating inventory where the past gross profit rate is used to estimate the cost of goods sold, which is then subtracted from the cost of goods available for sale to determine the estimated ending inventory A method for estimating inventory based on the ratio of the amount of goods for sale at cost to the amount of goods for sale at retail prices An owner of goods who ships them to another party who will then sell the goods for the owner One who receives and holds goods owned by another for purposes of selling the goods for the 1 Consignor