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Work-standards approach to appraisal is best defined as a performance appraisal:
Beginning Inventory
The worth of merchandise ready for purchase at the beginning of a financial period.
Net Operating Income
The total profit of a business after operating expenses are subtracted from gross profit.
Estimated
Pertaining to figures or values that are approximations or predictions based on available data or trends.
Raw Material
The basic material from which a product is made, essential for the manufacturing process.
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