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FIFO
An inventory valuation method that assumes the first items placed in inventory are the first sold, hence "First In, First Out."
Ending Inventory
The value or quantity of goods and materials available at the end of an accounting period.
Perpetual Inventory System
An inventory management method where transactions are recorded in real time, providing a continuous account of inventory levels.
LIFO
"Last In, First Out" is an inventory valuation method where the last items placed in inventory are the first ones to be used or sold.
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