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Beginning of the Year
Refers to the starting date of a financial or calendar year, used as a reference point for accounting and financial planning.
Inventory Level
The quantity of goods or materials on hand at any given time within a business.
Inventory Turnover
A ratio that measures how many times a company's inventory is sold and replaced over a specific period, highlighting the efficiency of inventory management.
FIFO
A method used in accounting to assign the cost of goods sold to the earliest purchased items in inventory, leading to different inventory value and profit measure from other methods.
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