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Inventory Records
Documentation and tracking of the quantity, value, and turnover of a business's inventory, including raw materials, work-in-progress, and finished goods.
Overstated Beginning Inventory
An accounting error where the starting inventory level is recorded higher than it actually is, leading to inaccuracies in financial statements.
Lower of Cost or Market
An accounting principle that values inventory at the lower amount between its original cost and its current market price.
Inventory Valuation
The method used to assess the cost of unsold goods or materials held by a company, impacting financial reporting and taxation.
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