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John Locke argued that human beings
LIFO
A method of inventory valuation where the last items added to inventory are the first ones to be used or sold, standing for Last In, First Out.
Weighted-Average
A calculation method that takes into account the varying degrees of importance of the numbers in a dataset.
Gross Profit Method
A method used to determine the value of the ending inventory using a predetermined gross profit rate. This method can be used to determine value of ending inventory if a loss from fire occurs.
Gross Profit
The financial metric calculated by subtracting cost of goods sold from total net sales, reflecting the efficiency of a company in managing its manufacturing costs.
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