Examlex
Which of the following was created in 1965 under Title XIX of the Social Security Act to reduce financial barriers to health care for the poor?
Net Price Method
An accounting approach that calculates the cost of goods sold or purchased after deducting any discounts, rebates, or allowances from the gross price.
Gross Price Method
An inventory valuation method that records purchases at the gross invoice price without deducting any cash discounts.
FIFO
FIFO (First-In, First-Out) is an inventory cost valuation method assuming that the oldest items of inventory are sold first and newer inventories last, affecting the cost of goods sold and ending inventory valuation.
LIFO
Last In, First Out, an inventory valuation method that assumes goods purchased last are the first to be used or sold, affecting cost of goods sold and inventory value.
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