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Control Over Inventory
Refers to the processes and measures a business undertakes to manage its inventory efficiently, ensuring adequate stock levels, and minimizing costs.
Safeguarding Inventory
Measures and practices employed to prevent inventory loss, damage, or theft, including physical security and inventory management systems.
Financial Statements
Reports that summarize the financial performance and condition of a company, including the balance sheet, income statement, and cash flow statement.
Average cost
The total cost of goods divided by the number of goods, used in inventory valuation and determining profit margins.
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