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The Grange was an organization that:
Ending Inventory
Ending Inventory is the total value of all inventory, including raw materials, work-in-process, and finished goods, that a company has at the end of an accounting period.
Perpetual Inventory System
A continuously updated system for tracking inventory that adjusts in real-time with each sale or return transaction, maintaining constant, accurate inventory records.
Last-In, First-Out
An inventory valuation method that assumes the most recently produced items are sold first, with costs of the latest inventory purchases used first in determining profitability.
Cost of Goods Sold
The direct costs tied to the production of goods sold by a company, including both materials and labor costs.
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