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Part of Josie's responsibility as a medical assistant is to run the autoclave as needed to sterilize instruments. Once a week, she includes a biological sterilization indicator with a load as a general quality control measure. Today, she notices that the biological indicator from yesterday's load is positive. What does this result mean?
FIFO Inventory Method
"First In, First Out," a method of inventory valuation where goods purchased first are assumed to be sold first.
Gross Profit
The difference between revenue and the cost of goods sold, indicating the efficiency of core operations before other expenses.
LIFO Method
A cost flow assumption for inventory that treats the last items added to inventory as the first ones to be sold, generally affecting tax liabilities and reported profits.
Decreasing Unit Costs
The reduction in the cost per unit that occurs due to increased production, also known as economies of scale.
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