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Ending Inventory
The final value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory and subtracting cost of goods sold.
FIFO
First-In, First-Out, an inventory valuation method where goods first bought are the first to be sold, assuming that the oldest inventory items are sold before newer ones.
Costs
The amount of money expended or resources used in the production of goods or in providing services.
Average Cost Method
An inventory valuation method wherein the cost of goods sold and ending inventory is determined by taking the weighted average of all purchases.
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