Fill in Each Blank with the Appropriate Term to Complete

question 105

Essay

Fill in each blank with the appropriate term to complete each formula.
$\begin{array}{|l|l|l|l|l|l|}\hline \text { BI } & \text { Beginning inventory } & \text { EI } & \text { Ending inventory } & \text { P } & \text { Purchases } \\\hline \text { CGS } & \text { Cost of Goods Sold } & \text { AI } & \text { Average inventory } & &\\\hline \end{array}$
CGS = _____ + _____ - _____
Average Inventory = (_____ + _____)/2
Goods available for sale = _____ + _____
Days to sell = 365/(_____/_____)

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Definitions:

Supervising

The act of overseeing and managing employees or processes to ensure they are executed properly and efficiently.

Activity-Based Costing

A detailed approach to determining the cost of goods or services by allocating overhead costs based on the specific activities undertaken to produce that product or service.

First Stage Allocations

The initial process of assigning overhead costs to different cost pools or departments as part of activity-based costing or other costing methodologies.

Overhead Cost

Fixed and variable expenses associated with operating a business that are not directly linked to creating a product or service, such as administrative expenses and maintenance costs.