______________________________ Is Accumulation of the Data on Current Inventories, Sales

question 22

Short Answer

______________________________ is accumulation of the data on current inventories, sales commitments, and planned production to determine whether the production of finished goods will be sufficient to commit to additional sales orders.

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Definitions:

Markup

The difference between price and a seller’s cost of an item for sale. In dollars, it is the amount added to the cost of the goods in order to have a gross profit high enough to cover operating expenses and to make a net profit.

Lower Of Cost

An accounting principle where inventory is recorded at the lower of either its original cost or its current market value.

Market Value

The current price at which an asset or service can be bought or sold in an open market.

Microwave Ovens

Kitchen appliances that use microwave radiation to cook or heat food efficiently and quickly.