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FIFO Method
"First In, First Out," an inventory valuation method where the oldest inventory items are recorded as sold first.
Weighted Average Method
A computation that considers the different levels of significance of the numbers within a dataset.
Work in Progress
Inventory representing partially completed goods which require further work before they are ready for sale.
Equivalent Units
A metric used in cost accounting to express the work done on partially finished goods as an equivalent number of fully completed units.
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