Define the Following Terms: Cracow

question 33

Short Answer

Define the following terms: Cracow

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Definitions:

Beginning Work In Process

The inventory of partially completed goods at the start of an accounting period.

Inventory Formula

The equation used to calculate the value of a company's inventory, commonly stated as Beginning Inventory + Purchases - Cost of Goods Sold = Ending Inventory.

Physical Flow

The actual movement of goods or materials through a manufacturing process, from receipt of raw materials to delivery of finished products.

Weighted Average Method

An inventory valuation method that applies a weighted average cost to the goods available for sale, to calculate cost of goods sold and ending inventory.