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plz help! matching numbers 1-9 to the definitions Match each of the following terms with the appropriate definition. The expected sales price of an item
plz help! matching numbers 1-9 to the definitions
Match each of the following terms with the appropriate definition. The expected sales price of an item minus the cost of making the sale. The accounting principle that aims to select the less optomistic estimate when two or more estimates are about equally likely. An inventory valuation method where the purchase cost of each item in ending inventory is identified and used to determine the cost assigned to the inventory. An inventory pricing method that assumes the unit prices of the beginning 1. Specifc identification method. inventory and of each purchase are weighted by 2. Conservatism principle. the number of units of each in inventory; the calculation 3. Retail inventory method. occurs at the time of each sale. 4. Interim statements. Financial statements prepared for periods less 5. Net realizable value. than one year. An inventory valuation 6. LIFO method. method that assumes that 7. Weighted average inventory inventory items are sold in method. the order acquired. The accounting principle 8. FIFO method. that a company use the same accounting methods 9. Consistency principle. 8. FIFO method. The accounting principle that a company use the 9. Consistency principle. same accounting methods period after period so that the financial statements of succeding periods will be comparable. The inventory valuation method that assumes costs for the most recent items purchased are sold first and charged to the cost of goods sold. The method for estimating an ending inventory based on the ratio of the amount of goods for sale at cost to the amount of goods for sale at the retail price Step by Step Solution
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