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

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2
Q

What’s dollar value LIFO?

A

Inventory is measured in $ (not unit) and is adjusted for changing price level

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3
Q

Formula of price index in dollar value LIFO

A

E.I @ Current Year / EI @ Base Year

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