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Retail Inventory Method
An inventory valuation method used in retail, estimating inventory value by relating the end inventory cost to the sales cost.
Ending Inventory
The total value of all inventory items that a business has in stock at the end of an accounting period.
Cost of Goods Sold
The immediate expenses related to manufacturing goods for sale in a business, which encompass both materials and labor costs.
Beginning Inventory
The value of a company's inventory at the start of an accounting period, used to calculate cost of goods sold during the period.
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