AVERAGE COST Definition

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AVERAGE COST is total cost for all units bought (or produced) divided by the number of units.

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NET SALES is gross sales less discounts, allowances, sales returns, freight out, etc.

SALES TURNOVER is the total amount sold within a stipulated time period, usually 12 months. Sales turnover is usually expressed in monetary terms but can also be in total units of stock or products sold.

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