Match the following financial ratios that are based on comprehensive annual financial report (CAFR)information with the explanation for that ratio.Answers can only be used once.
Definitions:
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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