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Amy Limited and Sheldon Limited are the two subsidiaries of Big Bang Company. Leonard, one of the directors of Big Bang Company, is also a director of Sheldon Limited. Leonard's wife, Penny, has 10% shareholding in Sheldon Limited. Which of the following are related parties to Amy Limited?
FIFO Method
FIFO method, or First-In, First-Out, is an inventory costing method where the first items placed into inventory are the first ones sold, used for calculating cost of goods sold and ending inventory.
Cost of Goods Sold
Cost of goods sold is the direct costs attributable to the production of the goods sold by a company, including the cost of materials and labor.
Periodic System
An inventory system in which the inventory level is updated and cost of goods sold is calculated at the end of an accounting period.
Perpetual Inventory
An inventory management system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.
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