Perpetual Inventory System - Continuously records changes in inventory
Periodic Inventory System - Adjusts inventory at the end of the period
F.O.B. Shipping Point - Legal title passes when goods are delivered to common carrier
Gross Method - Purchase discounts not taken are included to inventory cost
Net Method - Purchase discounts not taken are considered interest expense
Cost Index - Used to convert ending inventory at year-end cost to base year cost
F.O.B. Destination - Legal title passes when goods arrive at location
FIFO - Assumes items sold are those acquired first
LIFO - Assumes items sold are those acquired last
Consignment - Goods are transferred to another company but title remains with transferror
Average Cost - Assumes items sold come from a mixture of goods acquired during the period
IRS Conformity Rule - If LIFO is used for taxes, it must be used for financial reporting
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