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Discuss the relationship of state laws and constitutions to the U.S. Constitution and federal law.
Perpetual Inventory System
An inventory system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.
Cost of Goods Sold
Represents the direct costs attributable to the production of the goods sold by a company, including the cost of the materials and labor used to create the product.
LIFO
An inventory valuation method that assumes the items most recently put into inventory are the first ones sold.
Ending Inventory
The overall worth of items ready for sale after an accounting period, determined by starting inventory added to purchases and then subtracting the cost of goods sold.
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