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Which statement is NOT true of the senses of taste and smell?
LIFO Method
Last In, First Out; an accounting method for valuing inventory by treating the most recently produced items as the first to be sold.
Cost Of Goods Sold
Direct costs attributable to the production of goods sold by a company, including materials, labor, and overhead.
Merchandise
Goods that are purchased, stored, and sold by a business in the ordinary course of its operations, often referred to as inventory.
Gross Profit Rate
The gross profit rate, also known as gross profit margin, is the ratio of gross profit (sales minus cost of goods sold) to sales, expressed as a percentage.
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