Examlex
What class of compound is the following: CH₃-CH₂-NH₂?
LIFO
"Last In, First Out" method of inventory valuation where the most recently produced items are recorded as sold first.
FIFO
First In, First Out, an inventory valuation method where goods purchased or produced first are sold or consumed first.
Average Cost Method
An inventory costing method that determines the cost of goods sold and ending inventory based on the weighted average cost of all items available for sale.
Gross Profit
calculates as the difference between revenue and the cost of goods sold, indicating how efficiently a company uses its resources to produce goods.
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