Items with Minimal Sales Value Are Known as

question 109

Multiple Choice

Items with minimal sales value are known as

• A)reworked units.
• B)scrap.
• C)spoilage.
• D)ending work-in-process units.
• E)abnormal spoilage.

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Definitions:

Estimated Cost

An approximation of the financial outlay required to complete a project, acquire a service, or purchase goods, often used in budgeting and planning.

Inventory

A company's inventory of products and materials, accumulated for selling or using in production.

March 31

A specific date marking the end of the first quarter in a calendar year.

Physical Inventory

Physical inventory entails a manual count of all the tangible goods or merchandise kept in a business's possession for the purpose of verifying records and ensuring accuracy in financial statements and records.