Examlex
Which of the following is not true?
First-In, First-Out (FIFO)
An inventory valuation method that assumes the first items placed into inventory are the first sold, affecting the cost of goods sold and inventory value.
Perpetual Inventory System
This inventory accounting technique immediately logs purchases or sales of inventory via computerized point-of-sale systems and enterprise asset management software.
Ending Inventory
The price of commodities accessible for purchase following the conclusion of an accounting session.
Ending Inventory
The total value of all inventory, including raw materials, work-in-progress, and finished goods, that a company has at the end of an accounting period.
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