Examlex
Which sentence expresses numbers correctly?
Gross Profit
The difference between sales and the cost of goods sold.
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.
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