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Add or subtract as indicated and write the result in standard form.
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Financial Accounting
The process of recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time, in order to produce financial statements.
LIFO
Last In, First Out, an inventory valuation method where the most recently produced items are recorded as sold first.
FIFO
An accounting method where the first items placed in inventory are the first sold or used.
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