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Solve the equation.
Inventory Costing Methods
Refer to the approaches used by companies to assign costs to their inventory items and determine the cost of goods sold.
Net Income
The total profit of a company after all expenses, taxes, and costs have been subtracted from total revenue.
FIFO
Stands for "First-In, First-Out," an inventory valuation method where the first items placed in inventory are the first sold.
Merchandise Sold
Merchandise sold refers to the completed sales or the process of selling goods that are part of a company's inventory.
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