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Sales Tax
A tax imposed by a government on the sale of goods and services, typically calculated as a percentage of the selling price.
List Price
The manufacturer's suggested retail price (MSRP) of a product before any discounts, allowances, or rebates are applied.
Perpetual Inventory Records
A system of inventory management where updates are made continuously to reflect sales and purchases, ensuring real-time accuracy in inventory counts.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including both material and labor costs.
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