WIP: related pages
LIFO
A method of valuing stocks (inventory) by assuming that the most recent purchases are used first.
FIFO
A method of valuing stocks (inventory) for accounting purposes. Stocks issued are assumed to be the oldest available.
Replacement cost
A profit figure that is calculated using the cost of supplies at the cost of replacing supplies at current prices.
Cost of goods sold (COGS)
The accrued cost of the goods (or services) supplied in a period; the difference between sales and gross profit.
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