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The burning of fossil fuels releases carbon dioxide into the atmosphere and is detrimental to Earth's ecosystems. Explain why the use of biofuels, which also release carbon dioxide into the atmosphere, is an improvement over fossil fuels.
Inventory Cost
The total cost associated with holding and managing inventory, including costs of storage, insurance, deterioration, and obsolescence.
Gross Profit
The profit a company makes after deducting the costs associated with making and selling its products or the costs associated with providing its services.
FIFO
"First-In, First-Out," an inventory valuation method where the cost of goods sold is based on the oldest inventory items.
Lower Of Cost
Lower of Cost or Market (LCM) is an accounting principle that values inventory at the lower of its historical cost or current market value.
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