Examlex
The diagram on the left in box A shows the interface of solid and liquid phases of a single substance where each sphere represents a molecule of that substance. Which box, A, B, or C best represents what the molecules of this substance would look like if heat were added? Which box best represents what the molecules of this substance would look like if heat were taken away?
Average cost
The total cost of goods divided by the number of goods, used in inventory valuation and determining profit margins.
Periodic inventory system
A periodic inventory system is a method of inventory valuation where the inventory is updated and cost of goods sold is calculated at the end of a specific accounting period.
Ending inventory
The total value of all the goods still available for sale at the end of an accounting period.
Gross profit
The financial metric indicating the difference between revenue and the cost of goods sold, reflecting the core profitability of product sales.
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