Review the meaning of the terms and concepts listed below in Key Terms and Concepts. Working capital

Review the meaning of the terms and concepts listed below in Key Terms and Concepts.

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Working capital Current ratio, working capital ratio Liquidity Operating assets, operating liabilities Financial assets, financial liabilities Lower-of-cost-or-market basis Specific identification Cost-flow assumption Weighted average First-in, first-out (FIFO) Last-in, first-out (LIFO) Cost of goods sold percentage Inventory turnover ratio Accounts payable, trade payables Cash cycle, earnings cycle, operating cycle Note payable Wages and salaries payable Income taxes payable, taxes payable Warranty Warranty liability, warranty provision Allowance method for warranties Restructuring Restructuring liability, restructuring provision LIFO inventory layer LIFO liquidation Cash Cash equivalents Prepayments, prepaid assets Inventory Merchandising firm Manufacturing firm Direct materials, raw materials Direct labor Manufacturing overhead Product costs Period expenses Raw materials inventory Work-in-process inventory, work-in- progress inventory Finished goods inventory Cost of goods sold Replacement cost LIFO reserve