Define the Following Term

question 41

Short Answer

define the following term:
-mir

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Definitions:

FIFO Reserve

The difference between the cost of inventory calculated using the First In, First Out (FIFO) method and another inventory costing method.

LIFO Reserve

The difference between the cost of inventory calculated under the Last In, First Out (LIFO) method and its cost calculated under the First In, First Out (FIFO) method.

Ending Inventory

The value of goods available for sale at the close of an accounting period.

Net Income

A company's earnings after deducting expenses and taxes from the total sales.