Question - Need to explain the key terms in your own words. No limit of words, just it should be long enough that the teacher understands.
Key Terms -
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consigned inventory
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last-in, first-out (LIFO) inventory cost flow method
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purchase order
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Consignee
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lower-of-cost-or-market (LCM) method
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receiving report
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Consignor
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net realizable value
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retail inventory method
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first-in, first-out (FIFO) inventory cost flow method
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number of days' sales in inventory
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specific identification inventory cost flow method
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gross profit method
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physical inventory
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subsidiary inventory ledger
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inventory turnover
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weighted average inventory cost flow method
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