Examlex
Kolb and Stewart found that:
Inventory Items
Inventory items refer to the goods and materials that a business holds for the ultimate goal of resale or processing.
Gross Amount
The total sum before any deductions are made, such as taxes or discounts.
Merchandise
Merchandise encompasses the goods and products that a retail business purchases to then sell to its customers.
Lower of Cost
An accounting principle requiring that inventory be recorded at the lower of its historical cost or market value if the market value drops below cost.
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