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You are a member of an interdisciplinary team in the University X Healthcare System. The team has been meeting for the last three months to explore the design, purchase and integration of an electronic documentation and billing system across the organization. The team is led by Phyllis from the medical records department. She has been an exceptional leader and the team is making great progress. You and another team member are eating lunch together and complimenting Phyllis' leadership skills.
As lunch comes to an end, the two of you agree that Phyllis consistently demonstrates the set of behaviors that form the foundation of emotional intelligence:
FIFO Method
First-In, First-Out method, an inventory valuation method where the first items purchased are the first ones sold, used in calculating cost of goods sold.
Ending Inventory
The value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases minus cost of goods sold.
Periodic Inventory System
A method of inventory valuation in which physical inventory is counted at specific intervals and cost of goods sold is calculated periodically.
Specific Invoice Method
An accounting approach to valuing inventory that tracks the cost of each specific item in inventory and is sold.
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