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Fire suppression by humans
FIFO
An inventory valuation method known as "First-In, First-Out," where goods purchased or produced first are sold or used first.
Perpetual Inventory System
An inventory management method where inventory levels are updated in real-time following each sale or purchase transaction.
Net Income Manipulation
The practice of using accounting tricks to make a company's financial performance appear better than it actually is.
Average Cost Formula
A method used in accounting and inventory management to determine the cost of goods sold and the ending inventory value by calculating the average cost of all similar items.
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