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More than 100 years ago, the _____ movement began as a reaction to unchecked capitalism, the robber barons, economic exploitation, and political corruption.
Periodic Inventory Method
An accounting approach where inventory is physically counted at specific intervals to determine the cost of goods sold and ending inventory levels.
Beginning Inventories
Beginning inventories are the value of a company's inventory at the start of an accounting period, serving as a basis for determining the cost of goods sold.
Ending Inventories
The final value of goods available for sale at the end of an accounting period, calculated through physical count or estimation.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including material costs and direct labor.
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