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FIFO
FIFO, or First-In, First-Out, is an inventory valuation method where goods produced or acquired first are sold, used, or disposed of first.
Ending Inventory
The full value of articles ready to be sold at the conclusion of an accounting duration.
Perpetual Inventory System
An inventory tracking system where updates are made continuously to reflect sales, purchases, and returns in real-time.
LIFO
Last-In, First-Out, an inventory valuation method where the most recently produced items are recorded as sold first.
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