Examlex
Active transport usually moves molecules
Periodic System
An inventory system where updates to inventory accounts are made periodically at the end of a reporting period, rather than continuously, often requiring physical counts.
Average Cost Method
An inventory valuation method that calculates the cost of goods sold and ending inventory value based on the average cost of all items in inventory.
Ending Inventory
The inventory that remains unsold at the end of an accounting period.
LIFO Method
An inventory valuation method where the last items produced or bought are the first ones to be expensed, leading to lower reported profits and taxes when prices are rising.
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