Examlex
What is the name of the following compound?
Costing Method
An accounting approach used to value inventory and determine the cost of goods sold, which can vary, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).
Ending Inventory
The value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus the cost of goods sold.
Cost of Goods Sold
The direct costs tied to the production of the goods sold by a company, including materials and labor.
Beginning Inventory
The value of a company's inventory at the start of an accounting period, crucial for calculating the cost of goods sold.
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