Examlex
Instructions: Identify the following. Be as specific as possible, and include names, dates, and relevant facts as appropriate. Be sure to explain the significance of the person or term.
Tea Act of 1773, Boston Tea Party
Perpetual Inventory System
An accounting approach to continuously track inventory levels, purchases, and sales, updating the inventory records in real-time.
Ending Inventory
The value of goods available for sale at the end of an accounting period, calculated using either a periodic or perpetual inventory system.
Inventory Method
The approach a business uses to value its inventory and determine the cost of goods sold, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).
Gross Profit Ratio
A financial metric used to assess a company’s financial health by dividing gross profit by net sales.
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