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Discuss the fundamental risk and control issues associated with fixed assets that are different from raw materials and finished goods.
Sales Discounts
Reductions in the price of goods or services offered to customers, typically as an incentive to encourage prompt payment.
Ending Inventory
The total value of goods available for sale at the end of an accounting period.
Cost-to-Retail Ratio
A method used in retail to calculate the estimated ending inventory value at retail prices by dividing the cost of goods available for sale by the retail price of the goods.
Net Markups
The overall increase in the selling price of goods, net of any reductions or markdowns, calculated over the cost price.
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