Examlex
Use the following to answer questions :
-total war
Gross Profit
The difference between sales revenue and the cost of goods sold, indicating the profitability of a company's core activities.
Periodic Inventory System
An accounting method where inventory is updated and cost of goods sold is calculated at the end of an accounting period.
FIFO
FIFO stands for "First-In, First-Out," an inventory valuation method where goods first acquired are sold or used first, ensuring that older inventory is used before newer inventory.
Ending Inventory
The aggregate worth of merchandise ready for purchase at the conclusion of a financial period.
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