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Perform the indicated operations.
FIFO
An inventory valuation method that assumes goods are sold in the order they are acquired, standing for "First In, First Out."
LIFO
LIFO stands for "Last In, First Out," a method used in inventory management and accounting where the most recently produced items are recorded as sold first.
Income Tax Expense
The cost associated with income taxes due to a government, calculated based on taxable income.
Cash Flows
The total amount of money being transferred into and out of a business, particularly in relation to its operating, investing, and financing activities.
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