Examlex
The procedure illustrated in this figure will result in
LIFO
"Last In, First Out," an inventory valuation method where the last items put into inventory are the first ones sold.
Merchandise
Goods purchased by a company for the purpose of selling them to customers, typically referring to products in retail businesses.
Ending Inventory
Ending inventory is the total value of all unsold goods a company has at the end of an accounting period, calculated before the new fiscal period begins.
Retail Method
An accounting method used to estimate the ending inventory and cost of goods sold based on the retail price of merchandise.
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