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Specific Identification Method
An inventory costing method in which costs are assigned to individual items, enabling precise cost determination of goods sold and ending inventory.
Inventory Cost
The total cost associated with acquiring goods for sale, including purchase price, taxes, and shipping.
Interchangeable
Items that are so similar in nature that they can be swapped or substituted for one another without affecting function or value, important in inventory management and manufacturing.
Goods Available
The total quantity of goods on hand at any time, including both inventory that is ready for sale and materials that will be used to produce goods.
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