Match the term with its definition. Cost-To-Retail Ratio [Choose ] Choose Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 15 Hours, 11 Minutes, 4 Seconds Designated Market Value Gross Profit Method Gross Profit Percentage The cost to replace an item. Also known as "Replacement Cost". Correct Answer Gross profit divided by Sales. Correct Answer Used in the Retail Inventory Method to restate endinding inventory to a cost basis. Correct Answer An addition to the original sales price Correct Answer A method of estimating inventory. Can not be used for an annual financial staement. Correct Answer Net Realizable Value minus a normal profit margin Correct Answer Sales price minus costs to complete or dispose. Also called "Net Realizable Value" Correct Answer An inventory valuation method that compares cost to designated market and records inventory at the lower of the two amounts. Correct Answer An inventory valuation method that compiles inventory at sales prices and converts the ending inventory amount to a cost figure. Correct Answer The amount that ultimately will be compared to cost to determine lower of cost or market. The middle number between market, ceiling and floor. Correct Answer Floor [Choose ] Lower-of-Cost-or-Market [Choose] Market Markup Choose Choose] Retail Inventory Method Choose Ceiling Choose > 中 10:25 AM 4/7/2024
Match the term with its definition. Cost-To-Retail Ratio [Choose ] Choose Time Elapsed: Hide Time Attempt due: Apr 7 at 11:59pm 15 Hours, 11 Minutes, 4 Seconds Designated Market Value Gross Profit Method Gross Profit Percentage The cost to replace an item. Also known as "Replacement Cost". Correct Answer Gross profit divided by Sales. Correct Answer Used in the Retail Inventory Method to restate endinding inventory to a cost basis. Correct Answer An addition to the original sales price Correct Answer A method of estimating inventory. Can not be used for an annual financial staement. Correct Answer Net Realizable Value minus a normal profit margin Correct Answer Sales price minus costs to complete or dispose. Also called "Net Realizable Value" Correct Answer An inventory valuation method that compares cost to designated market and records inventory at the lower of the two amounts. Correct Answer An inventory valuation method that compiles inventory at sales prices and converts the ending inventory amount to a cost figure. Correct Answer The amount that ultimately will be compared to cost to determine lower of cost or market. The middle number between market, ceiling and floor. Correct Answer Floor [Choose ] Lower-of-Cost-or-Market [Choose] Market Markup Choose Choose] Retail Inventory Method Choose Ceiling Choose > 中 10:25 AM 4/7/2024
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter6: Cost Of Goods Sold And Inventory
Section: Chapter Questions
Problem 25CE: Effects of Inventory Costing Methods Refer to your answers for Filimonov Inc. in Cornerstone...
Related questions
Question
![Match the term with its definition.
Cost-To-Retail Ratio
[Choose ]
Choose
Time Elapsed: Hide Time
Attempt due: Apr 7 at 11:59pm
15 Hours, 11 Minutes, 4 Seconds
Designated Market Value
Gross Profit Method
Gross Profit Percentage
The cost to replace an item. Also known as "Replacement Cost". Correct Answer
Gross profit divided by Sales. Correct Answer
Used in the Retail Inventory Method to restate endinding inventory to a cost basis. Correct Answer
An addition to the original sales price Correct Answer
A method of estimating inventory. Can not be used for an annual financial staement. Correct Answer
Net Realizable Value minus a normal profit margin Correct Answer
Sales price minus costs to complete or dispose. Also called "Net Realizable Value" Correct Answer
An inventory valuation method that compares cost to designated market and records inventory at the lower of the two amounts. Correct Answer
An inventory valuation method that compiles inventory at sales prices and converts the ending inventory amount to a cost figure. Correct Answer
The amount that ultimately will be compared to cost to determine lower of cost or market. The middle number between market, ceiling and floor. Correct Answer
Floor
[Choose ]
Lower-of-Cost-or-Market
[Choose]
Market
Markup
Choose
Choose]
Retail Inventory Method
Choose
Ceiling
Choose
>
中
10:25 AM
4/7/2024](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5bd9fd3d-4f4d-4003-91c9-9c50e6822cb0%2Fd60ff286-fea3-4889-b4a3-7abae6c3a3a8%2Fgcs69w8f_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Match the term with its definition.
Cost-To-Retail Ratio
[Choose ]
Choose
Time Elapsed: Hide Time
Attempt due: Apr 7 at 11:59pm
15 Hours, 11 Minutes, 4 Seconds
Designated Market Value
Gross Profit Method
Gross Profit Percentage
The cost to replace an item. Also known as "Replacement Cost". Correct Answer
Gross profit divided by Sales. Correct Answer
Used in the Retail Inventory Method to restate endinding inventory to a cost basis. Correct Answer
An addition to the original sales price Correct Answer
A method of estimating inventory. Can not be used for an annual financial staement. Correct Answer
Net Realizable Value minus a normal profit margin Correct Answer
Sales price minus costs to complete or dispose. Also called "Net Realizable Value" Correct Answer
An inventory valuation method that compares cost to designated market and records inventory at the lower of the two amounts. Correct Answer
An inventory valuation method that compiles inventory at sales prices and converts the ending inventory amount to a cost figure. Correct Answer
The amount that ultimately will be compared to cost to determine lower of cost or market. The middle number between market, ceiling and floor. Correct Answer
Floor
[Choose ]
Lower-of-Cost-or-Market
[Choose]
Market
Markup
Choose
Choose]
Retail Inventory Method
Choose
Ceiling
Choose
>
中
10:25 AM
4/7/2024
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