Assertion: inventory | /r/HasProperty | sold
Facets:
value: always
type: DEGREE
value: constantly
type: DEGREE
value: typically
type: DEGREE
value: during the year
type: TEMPORAL
Source sentences:
text: Using the FIFO, LIFO, or the weighted average costing method, cost is assigned to the inventory that was sold during the year and is reported as cost of goods sold on the income statement.
text: A company may retain ownership of inventory at a retailer or distributor location, with its ownership interest continuing until such time as the inventory is sold.
text: The inventory that came in last is sold first.
text: FIFO, or First in, First out, assumes the older inventory is sold first.
text: LIFO, or Last-in, First-out, assumes the newer inventory is typically sold first.
text: Since inventory is constantly being sold and restocked and its price is continually changing, the business must make a cost flow assumption that it will use frequently.
text: Under this inventory valuation method, the assumption is that the newer inventory is sold first while the older inventory remains in stock.
text: Since FIFO assumes that the oldest inventory is always sold first, the valuation of inventory still on hand is at the most recent price.
text: FIFO assumes that the oldest inventory is being sold or transferred first, while LIFO assumes that the newest inventory will be used first.
text: In accounting, the Inventory turnover is a measure of the number of times inventory is sold or used in a time period such as a year.
text: An item whose inventory is sold (turns over) once a year has higher holding cost than one that turns over twice, or three times, or more in that time.
text: Inventory turnover shows the number of times a year inventory "turns over" or is sold and replaced.
text: Since FIFO assumes that the oldest inventory is always sold first, the valuation of inventory still on hand is at the most recent price.
text: While your inventory is waiting to be sold, you will need to keep track of it and make sure it is in good repair and in shape.
text: Definition = Inventory turnover is a measure of the number of times inventory is sold or used in a time period such as a year.
text: When inventory is sold, the cost basis of these items is used to reduce the income captured upon their sale.
text: First-in, First-out (FIFO): Under FIFO, it's assumed that the inventory that is the oldest is being sold first.
text: Under FIFO, it's assumed that the inventory that is the oldest is being sold first.
text: : LIFO is a newer inventory cost valuation technique (accepted in the 1930s), which assumes that the newest inventory is sold first.