Examlex
Which of the following is not a norm of war?
Gross Profit
Gross Profit is the financial metric calculated by subtracting the cost of goods sold (COGS) from total sales revenue.
Purchases
The total amount expended on goods or services intended for use in the business process.
LIFO
"Last In, First Out," an inventory valuation method where the most recently produced or purchased items are the first to be expensed.
Cost Flow Assumption
An accounting principle that determines how costs are allocated to inventory and cost of goods sold, examples include FIFO, LIFO, and average cost methods.
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