Explain the key terms- retail inventory method and consignee

Reference no: EM131930438

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 -

consigned inventory	last-in, first-out (LIFO) inventory cost flow method	purchase order
Consignee	lower-of-cost-or-market (LCM) method	receiving report
Consignor	net realizable value	retail inventory method
first-in, first-out (FIFO) inventory cost flow method	number of days' sales in inventory	specific identification inventory cost flow method
gross profit method	physical inventory	subsidiary inventory ledger
inventory turnover		weighted average inventory cost flow method

Reference no: EM131930438

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