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A person says,"I was the only survivor in a small plane crash.Three business associates died.I got depressed and saw a counselor twice a week for 4 weeks.We talked about my feelings related to being a survivor,and I'm better now." Which type of therapy was used?
LIFO
Last In, First Out, an accounting method where the most recently produced items are recorded as sold first.
Ending Inventory
The valuation of goods available for sale at the end of an accounting period; part of the calculation of cost of goods sold.
Periodic Inventory System
An inventory accounting system where updates to inventory levels are made on a periodic basis, rather than being updated continuously.
First-In, First-Out
An inventory valuation method where the goods first purchased or produced are also the first to be sold, impacting the cost of goods sold and inventory value.
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