Examlex
A normal chemical process in the body, resulting from exposure to sunlight, X-rays, and food, creates molecules or atoms that possess an unpaired electron. These atoms and molecules are called _______.
FIFO
First-In, First-Out, an inventory method where the oldest items in stock are sold first.
LIFO
Last-In, First-Out, an inventory valuation method where the most recently produced or purchased items are sold first, used for cost of goods sold calculation.
Pretax Income
The amount of income earned by a business before taxes have been deducted.
Ending Inventory
The total value of goods available for sale at the end of an accounting period, calculated as beginning inventory plus purchases minus cost of goods sold.
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