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A long-term care facility is considering implementing total client care. Prior to implementing this system, what must be available?
Average Cost Method
An inventory valuation method that calculates the cost of goods sold and ending inventory based on the weighted average cost of all items available for sale.
Average Cost
An inventory costing method where the cost of goods sold and ending inventory is determined by taking the weighted average of all units purchased.
Periodic Inventory
A method of inventory accounting where updates to inventory levels are made periodically, often at the end of the fiscal year.
Ending Inventory
The total 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.
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