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Inventory Costing Methods
Techniques used to assign costs to inventory items, such as First-In, First-Out (FIFO), Last-In, First-Out (LIFO), and weighted average cost.
Gross Profit
The difference between revenue from sales and the cost of goods sold, before accounting for selling, general, and administrative expenses.
Cost of Goods Sold
The specific costs related to the production of goods that a company markets.
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