Please Define the Following Key Terms

question 115

Short Answer

Please define the following key terms.
-Aletta Jacob

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Definitions:

Beginning Inventory

The value of goods available for sale at the start of an accounting period, carried over from the end of the previous period.

Ending Inventory

The total value of a company's merchandise, raw materials, and finished and unfinished products which have not yet been sold at the end of an accounting period.

Purchases

The act of buying goods and services, typically for the purpose of resale in the ordinary course of business.

Consignee

A person or company to whom goods are shipped for sale, who receives and sells the goods on behalf of the consignor.