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Clarence is a cat that is always fed in the same place, at the same time, every day. His food is taken out of the same cupboard before each meal, which has a particular sound when it opens that is loud enough to be noticeable. Something that makes Clarence sick somehow gets mixed in with his food bowl and he now refuses to eat any of that same brand of kibble. Even though it wasn't the kibble that made him sick, why is he acting as if it was?
Last-in, First-out
An inventory valuation method where the most recently produced or purchased items are the first to be expensed, often used to manage costs and taxes.
Last-in, First-out Method
An inventory valuation method where the goods purchased last are considered sold first for cost of goods sold calculation.
Perpetual Inventory System
A method of accounting for inventory that records the sale or purchase of inventory immediately through computer systems, without the need for a physical count.
Perpetual Inventory System
An accounting technique that instantly records the sale or purchase of inventory using computerized point-of-sale systems and enterprise asset management software.
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