Two Widely Used Methods of Estimating Inventories Are the ______________

question 153

Short Answer

Two widely used methods of estimating inventories are the ______________ method and the _____________ method.

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Definitions:

Last Year's

Refers to the figures, statistics, or conditions from the previous calendar year.

Turnover

The rate at which inventory or assets of a business are replaced or sold within a given period.

Year 1

The initial year of a time series or the first year of operation.

Combined Turnover

Generally refers to the total amount of assets or inventory turned over in a specific period by combining different business segments or product lines.