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Inventory Costing Method
a system used to value inventory, including approaches like FIFO, LIFO, and weighted average cost.
Income Statement
A financial document that shows a company's revenues and expenses over a specific period, culminating in the net income or loss for that period.
Balance Sheet
A financial statement that presents the financial position of a company at a specific point in time, showing assets, liabilities, and shareholders' equity.
Inventory Costing Method
A method used to assign costs to inventory items, such as FIFO (First-In, First-Out), LIFO (Last-In, First-Out), or weighted average cost.
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