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Lower Of Cost
An accounting principle stating that inventory or other assets should be recorded at the lower of either the original cost or the current market value.
Market
A place or system where buyers and sellers interact to trade goods, services, or securities.
Inventory Item
A product or goods held by a company for the purpose of sale or production in the normal course of business.
Inventory Turnover
Inventory turnover is a ratio that measures how many times a company's inventory is sold and replaced over a specific period, indicating efficiency in inventory management.
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