Examlex
Gill Balstock started his business after inventing an environmentally-friendly disposal foam container for dairy products. His son Larry now runs the business while Gill pursues other projects. Gill is a(n) ____ and Larry is a(n) ____.
Perpetual Inventory Method
A system of inventory management where adjustments to inventory records are made on a continuous basis as sales and purchases happen.
Merchandise Inventory
The goods a company holds for the purpose of resale to customers.
Inventory Expense
Cost associated with goods being sold during a period, which includes the cost of purchasing and preparing items for sale.
Statement of Owner's Equity
The Statement of Owner's Equity shows changes in the equity of a business over a period, including contributions, withdrawals, and earnings.
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