Examlex
The part of the nervous system that enables you to make sense of the world around you is the
FIFO Inventory
Stands for "First-In, First-Out", an inventory valuation method where the oldest inventory items are recorded as sold first.
Perpetual Inventory System
This inventory accounting technique instantly logs the acquisition or sale of inventory by utilizing computerized point-of-sale systems along with enterprise asset management software.
LIFO Inventory
An inventory valuation method (Last In, First Out) where the most recently produced or acquired items are recorded as sold first.
Cost of Goods Sold
The direct costs attributable to the production of the goods sold by a company, including direct materials and labor costs.
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