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A company can boost its profits 85 percent by increasing its annual customer retention by only 5 percent.
FIFO Cost Method
The FIFO (First In, First Out) cost method is an inventory valuation approach where goods first bought are the first ones sold, assuming that older inventory is used up first.
LIFO Method
An inventory valuation method that assumes the last items placed into inventory are the first ones sold during an accounting period.
FIFO
First-In, First-Out, an inventory method where the oldest items in stock are sold first.
LIFO
Last-In, First-Out, an inventory valuation method where the most recently produced or purchased items are sold first, used for cost of goods sold calculation.
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