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Gross Profit
The difference between revenue and the cost of goods sold before deducting overheads, payroll, taxation, and interest payments.
LIFO
Last In, First Out, an inventory valuation method where the goods purchased or produced last are the first to be expensed.
Tax Rate
The percentage at which an individual or corporation is taxed.
FIFO Method
Stands for "First-In, First-Out," a technique to value inventory and determine the cost of goods sold by assuming that the oldest items are sold first.
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