F7: Inventory Flashcards
1
Q
What’s “bill and hold” transaction?
A
Customer agrees to purchase the goods, but the seller retains physical possession till the customer requests shipment to designated locations
2
Q
What’s dollar value LIFO?
A
Inventory is measured in $ (not unit) and is adjusted for changing price level
3
Q
Formula of price index in dollar value LIFO
A
E.I @ Current Year / EI @ Base Year