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Merchandise Purchases
Transactions involved in buying goods for resale in the normal course of business, typically constituting a significant expense for retail companies.
Physical Inventory
Physical Inventory involves a manual count of all physical goods a company has in stock at a specific point in time to ensure accuracy of inventory records.
Income Statement
A financial statement that shows a company's revenues and expenses over a specific period of time, resulting in a net profit or loss.
Ending Inventory
The value of goods that a company has in stock at the end of its fiscal year, calculated as the beginning inventory plus purchases minus the cost of goods sold.
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