FIFO
What does FIFO stand for?
First In First Out
What does LIFO?
Last In Last Out
Do you create layers?
No
What is a service business?
A business that sells intangible products, expertise, or personal labor rather than physical products.
What is a merchandising business?
A commercial enterprise that buys finished products in bulk from manufacturers or wholesalers and resells them to consumers or other businesses at a higher retail price.
You buy 10 units at $10 each, then 10 units at $12 each. You sell 10 units. What is the Cost of Goods Sold (COGS)
$100
Name examples of a service business.
Cleaning, Bookkeping, IT Support, etc.
Name examples of a merchandising business.
Grocery Store, Clothing Store, Wholesale Distributors, etc.