The Textbook Mentions Three Kinds of Performance Dashboards

question 52

Essay

The textbook mentions three kinds of performance dashboards.Name them.(1) ___________________________
(2) ___________________________
(3) ___________________________

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Definitions:

Ownership Of Goods

The legal right or title to possess and use goods, typically transferring from seller to buyer upon payment.

Specific Identification

An inventory valuation method that tracks the cost of individual items or batches of items throughout the purchasing and sales process.

FIFO Method

A method of inventory costing that assumes the first goods purchased are the first goods sold, affecting the cost of goods sold and ending inventory valuation.

LIFO Method

An inventory management and valuation approach where the last items placed in inventory are the first ones sold.