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Choose two of the following approaches to compare and contrast: sensory-functional hypothesis, multiple-factor approach, semantic category approach, and embodied approach. Indicate which proposal you think is strongest and which is weakest, providing information to support your opinion.
LIFO Retail Inventory Method
An inventory costing method that assumes the last items placed in inventory are sold first, not necessarily reflecting the actual physical flow of merchandise.
Ending Inventory
The value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus cost of goods sold.
Net Markups
The difference between the cost of a good or service and its selling price, after accounting for discounts, allowances, or returns.
Net Markdowns
The reduction in the original selling price of merchandise minus any markdown cancellations.
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