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Weighted Average Cost Flow Assumption
An inventory valuation method that calculates the cost of goods sold and ending inventory based on the average cost of all similar items available during the period.
LIFO
Last In, First Out, an inventory valuation method where the most recently produced items are recorded as sold first.
FIFO
An inventory valuation method where the first items produced or purchased are the first used or sold.
FIFO
"First In, First Out," an accounting method for valuing inventory where the first items placed in inventory are the first sold.
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