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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.
Current Costs
The costs that would have to be incurred to replace or reproduce an asset in the current period, under current market conditions.
Absorption Costing
An accounting method that includes all manufacturing costs - direct materials, direct labor, and both variable and fixed manufacturing overhead - in the cost of a product.
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