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Inventory System
A method or software used by organizations to track inventory levels, orders, sales, and deliveries.
Physical Inventory
A process where a business counts its entire inventory by hand at a specific point in time to verify stock quantities.
Cost Flow Assumption
An accounting method used to value inventory and determine the cost of goods sold, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).
Specific Identification
Specific identification is an inventory valuation method that tracks the cost of individual items in inventory and matches those costs with the items' actual sale.
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