Examlex
Choose the sentence below that includes the vocabulary and tone most appropriate for an academic text.
FIFO
An inventory valuation method that assumes the first items acquired are the first ones sold, standing for First-In, First-Out.
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.
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