Examlex
Use the laws of exponents to simplify. Write the answer with positive exponents.
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Lower-of-cost-or-market
An accounting principle requiring that inventory be recorded at the lower of either its original cost or its current market price.
Ending Inventory
The final stock level of products or materials that a company has in hand at the close of an accounting period, rephrased as "terminal inventory balance."
Periodic Inventory System
An inventory system that updates the count and valuation of stock at specific intervals, rather than continuously.
LIFO Method
An inventory costing method that assumes the last items placed in inventory are sold first, used for both inventory valuation and cost of goods sold calculation.
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