Please Define the Following Key Terms

question 13

Short Answer

Please define the following key terms
-Tributary relationship

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Definitions:

Cost of Goods Sold

The direct expenses associated with manufacturing the products sold by a business.

Beginning Inventory

The cost of commodities available for trading at the commencement of an accounting interval.

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory and subtracting the cost of goods sold.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a period.