Examlex
The Laspeyres price index differs from the Paasche price index because the Paasche index holds prices constant and varies quantities, while the Laspeyres index holds quantities constant and varies prices.
Estimated Cost
An approximation of the cost for goods or services based on available information, used for budgeting and planning purposes.
Lower of Cost or Market
An accounting principle that requires inventory to be reported at the lower value between its original cost and current market price.
Retail Inventory Method
A technique used by retailers to value inventory based on the retail price of goods, adjusted for sales and inventory changes.
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