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Perpetual inventory system
A method of accounting that continuously updates the inventory balance, recording each purchase and sale of goods immediately through inventory accounts.
FIFO inventory cost method
An inventory valuation method where the cost of goods sold is based on the cost of the earliest purchased items, standing for "First In, First Out".
Ending inventory value
The final value of all unsold goods at the end of an accounting period.
FIFO
First-In, First-Out, an inventory valuation method where goods produced or acquired first are sold, used, or disposed of first.
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