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The Emancipation Proclamation exempted border states.
Ending Inventory
The value of goods available for sale at the end of an accounting period.
LIFO Reserve
The difference between the cost of inventory calculated using the Last-In, First-Out method and the First-In, First-Out method.
FIFO Inventory Costs
An accounting method where the oldest inventory items are recorded as sold first.
LIFO Inventory Costs
An inventory valuation method where the last items placed in inventory are the first ones to be used or sold, affecting cost of goods sold and inventory value.
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