Instructions: Identify the Following

question 39

Short Answer

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.
Telegraph

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Definitions:

Gross Profit

The financial metric calculated by subtracting the cost of goods sold from total sales revenue.

LIFO Method

An inventory valuation method that assumes the last items placed in inventory are the first ones sold; stands for Last-In, First-Out.

Physical Count

The process of manually counting the actual inventory on hand at a specific point in time to verify stock levels and accuracy of records.

Perpetual Inventory System

An accounting approach that continuously updates inventory records for sales and purchases, providing a real-time view of inventory levels.