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A nurse is caring for a patient who has a strong family history of cancer, and the patient is apprehensive about genetic testing that has been ordered. Which of the following is the correct statement by the nurse?
LIFO
Stands for Last In, First Out, an inventory valuation method where the most recently produced or purchased items are recorded as sold first.
Periodic Inventory System
An inventory accounting system where inventory counts are performed and updated at specific intervals to determine cost of goods sold and ending inventory levels.
Ending Inventory
The value of goods available for sale at the end of an accounting period. It is the beginning inventory plus purchases minus the cost of goods sold.
FIFO
"First In, First Out," a method used in inventory management and accounting where the oldest inventory items are sold or used first.
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