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U.S. GAAP
Generally Accepted Accounting Principles in the United States, a framework of accounting standards, principles, and procedures used in compiling financial statements.
LIFO Method
"Last In, First Out," an inventory accounting method where the most recently acquired items are assumed to be sold first.
Journal Entries
The individual records of financial transactions in a company's accounting system.
Cost of Goods Sold
An accounting term for the direct expenses related to producing the goods sold by a company, including materials and labor.
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