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Gross Profit Method
An accounting technique used to estimate the amount of ending inventory and cost of goods sold, based on the gross profit margin.
Ending Inventory
The total value of all unsold goods and materials that a company holds at the end of an accounting period.
Gross Profit on Sales
The difference between sales revenue and the cost of goods sold before deducting overheads, taxes, or interest.
FIFO Retail Inventory Method
An accounting method for valuing inventory where the first items purchased are the first ones to be sold.
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