Instructions: Identify the Following Term(s)

question 34

Short Answer

Instructions: Identify the following term(s).
-water wheel

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Definitions:

FIFO

"First In, First Out," an inventory valuation method where items produced or acquired first are sold, used, or disposed of first.

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made at specific intervals, and cost of goods sold is calculated at the end of an accounting period.

Ending Inventory

The worth of products ready to be sold at the closure of a financial period, determined by adding the initial inventory to purchases and subtracting the cost of goods sold.

Cost of Goods Sold

The immediate expenses linked to the creation of products sold by a business, encompassing costs for materials, workforce, and operational overheads.