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Fundamentals of Marketing
Chapter 8
4
Marketing
Undergraduate 3
12/17/2008
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Term
Fifo
 Definition

 

Cogs is calculated by subtracting the amount of the items the company acquired first. Unlike LIFO, FIFO always starts with the amount of items the company acquired first, and doesn’t start over when new items are sold.
Term
Average Cost
 Definition
1)      Average Cost of Each Unit=Total Cost of Goods Available for Sale(Total Cost of All Units or Last Number in the bottom right)/Total Units in Inventory(Total Amount of All Units)

2)      Average Cost=Units Sold*Average Cost of Each Unit

 
Term
Specific Identification
 Definition

Basically, whatever the amount you sell it for you subtract the same maount. Example, buying 5 of an item at 110 each for resale and selling 4 at 110 requires that you subtract that amount.

Takes a lot of time and companies don't use this for this reason.
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