Examlex
Choose the INCORRECT statement.
Retail Method
An inventory valuation method used in retail, estimating inventory value by applying a fixed percentage to the retail price of the inventory.
Estimating Inventory
A method used to approximate the value or quantity of inventory that a business has on hand at a certain point in time, often using historical data or statistical models.
Inventory Turnover
A ratio showing how many times a company's inventory is sold and replaced over a period, indicating the efficiency of inventory management.
Cost of Merchandise Sold
The total cost incurred to purchase or produce the goods that have been sold to customers during a period.
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