| A | B |
|---|
| Receiving sheet | A list of all the delivery invoices for a given day |
| Warehouse requisition form | Form used to pull the inventory and then to charge the appropriate department for the materials taken out of storage |
| Directs | Products that go directly to the department that uses them, bypassing the storeroom both physically and for accounting purposes |
| Stores | Products that get put into the warehouse and then distributed, and charged, as needed |
| Inventory valuation | The process of counting inventory and calculating its value |
| FIFO method | Inventory value method which values the inventory based on time of purchase |
| LIFO method | Inventory valuing method that uses the values of the latest purchased items to calculate inventory values. |
| Weighted average price method | takes the varying costs for all cases purchased and divides it by the number of cases purchased |
| Actual price method | can be calculated only by using the price paid for each item left in the storeroom |
| Last price method | uses the last price paid for an item as the value for every similar product in inventory |
| Average inventory | calculation used to estimate inventory at any time. The calculation is opening inventory plus closing inventory divided by two |
| Inventory turnover | The average number of times that the value of inventory is replaced in the storeroom |
| Checkpoint | Place to check inventory before leaving storage |
