| A | B |
|---|
| First-in, First-out Inventory Costing Method | Using the price of merchandise purchased first to calcualte the cost of merchandise sold first. |
| Gross Profit Method of Estimating Inventory | Estimating inventory by using the previous year's percentage of gross profit on operations. |
| Last-in, First-out Inventory Costing Method | Using the price of merchandise purchased last to calculate the cost of merchandise sold first. |
| Periodic Inventory | A merchandise inventory determined by counting, weighing, or measuring items of merchandise on hand. |
| Perpetual Inventory | A merchandise inventory determined by counting, weighing, or measuring items of merchandise on hand. |
| Stock Ledger | A file of stock records for all merchandise on hand. |
| Stock Record | A form used to show the kind of merchandise, quantity received, quantity sold, and balance on hand. |
| 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. |
| Inventory Record | A form used during a periodic inventory to record ifnormation about each item of merchandise on hand. |
