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Costing Method
The technique or approach used by a business to determine the cost associated with a product or project.
Inventory Turnover
A ratio indicating how often a company sells and replaces its stock of goods within a certain period, reflecting the efficiency of inventory management.
Cost of Goods Sold
The total cost associated with making or purchasing the products that a company sells during a period.
Ending Inventory
The worth of merchandise ready for sale at the conclusion of an accounting cycle, determined by adding beginning inventory to purchases and subtracting the cost of goods sold.
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