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Ending inventory
The value of goods available for sale at the end of an accounting period, crucial for determining cost of goods sold and net income.
Perpetual inventory system
An inventory management approach where stock levels are updated continuously as transactions occur.
LIFO inventory cost method
An inventory valuation method that assumes the last items acquired are the first to be sold, affecting cost of goods sold and ending inventory.
Cost of merchandise sold
The total cost of acquiring or manufacturing the products that were sold to customers during a period.
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