Examlex
Under the UCC, the seller's basic obligation includes being concerned with:
Book Value
This is the net value of a company's assets minus its liabilities, as recorded on the balance sheet.
FIFO Inventory Method
An inventory valuation method where the first items acquired are the first ones sold, used to determine the cost of goods sold and ending inventory.
Net Income
Net income is the total earnings of a company after subtracting all expenses, including taxes, costs, and losses, from its total revenue, indicating its profit.
LIFO Method
An inventory valuation method that assumes the last items placed in inventory are the first sold, affecting cost of goods sold and inventory valuations on financial statements.
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