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On the bus last week, Kyohei heard two women talking about someone named Enisa for the entire 30 minutes of the trip. Today, the woman sitting next to Kyohei in class told her friend that Enisa was coming. Kyohei assumed that Enisa was someone famous and wondered why she did not know her. Kyohei is experiencing:
FIFO Reserve
The difference between the cost of inventory calculated using the First In, First Out (FIFO) method and another inventory costing method.
LIFO Reserve
The difference between the cost of inventory calculated under the Last In, First Out (LIFO) method and its cost calculated under the First In, First Out (FIFO) method.
Ending Inventory
The value of goods available for sale at the close of an accounting period.
Net Income
A company's earnings after deducting expenses and taxes from the total sales.
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