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In general, the text observes, grandparents are most actively involved with
Cost of merchandise sold
The total cost of acquiring or manufacturing the products that were sold to customers during a period.
Perpetual system
An inventory accounting system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.
FIFO
An accounting method used to manage inventory and cost of goods sold where the first items produced or acquired are the first to be sold.
Merchandise sold cost
The total expense incurred to produce or purchase the goods that have been sold to customers.
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