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Spoken interchanges where the topic may change as it unfolds are called:
Cost Flow Assumption
Accounting methods used to determine the cost of goods sold and ending inventory, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).
Weighted Average
A mathematical calculation that takes into account both the numbers and their weights, resulting in a figure that reflects their combined effect.
Purchase Costs
The actual amount paid or the expense incurred in acquiring goods or services, including the product price, shipping, and handling fees.
Ending Inventory
The value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory and subtracting cost of goods sold.
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