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Dollar-Value LIFO
An inventory valuation method that uses the last-in, first-out (LIFO) cost flow assumption but measures those costs in dollar values, rather than in physical units, to account for inflation or deflation.
Initial Adoption
The first-time application of a new accounting principle, standard, or policy by a company in its financial reporting.
Periodic System
An inventory accounting system where inventory levels are updated and the cost of goods sold is calculated periodically at the end of a reporting period.
Dollar-Value LIFO
A variation of the LIFO (Last-In, First-Out) method that measures increments in pools of like items in dollar terms rather than quantities.
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