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Gross Profit Rate
Is the ratio of gross profit to net sales, expressing the efficiency with which a company utilizes its resources to make a profit.
Cost of Goods Sold
The immediate expenses linked to the creation of products sold by a firm, encompassing materials, workforce, and indirect costs.
Periodic Inventory System
A method of inventory valuation for financial reporting purposes where a physical count of the inventory is taken at specified intervals.
Purchase Account
An account used in accounting to record the total purchases of goods and services by a company.
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