Examlex
Ending inventory equals the cost of goods available for sale less beginning inventory.
Absorption Costing
An accounting method that includes all manufacturing costs—direct materials, direct labor, and both variable and fixed manufacturing overhead—in the cost of a product.
Fixed Costs
Expenses that do not change in proportion to the activity of a business, such as rent, salaries, and equipment costs.
Net Income
The net income of a business following the deduction of all costs and taxes from its earnings.
Specific Identification Method
An inventory valuation method where costs are directly assigned to individual units of inventory, enabling precise profit margin calculations.
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