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Inventory Records
Documents that track the quantity, value, and movement of a company's stock of goods.
Physical Inventory
A process involving the manual counting of all inventory items in a business at a specific point in time to verify quantities and condition.
Cost Flow Assumption
An accounting method used to value inventory and determine the cost of goods sold, examples include FIFO, LIFO, and weighted-average.
Tax Purposes
The specific reasons or objectives related to the calculation, payment, or management of taxes.
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