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FIFO
An inventory valuation method that assumes the first items placed in inventory are the first sold, standing for 'First In, First Out'.
GAAP
Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the United States to govern financial reporting.
Current Cost
The cost that would be incurred to replace an asset or to purchase an equivalent asset at the current time.
Management Discretion
The degree of flexibility and judgement allowed to managers in making decisions and choices impacting the company's operations and performance.
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