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________ Differentiates after birth
Accounting For Inventories
The process of tracking and managing the goods a company holds for the purpose of sale or production, including valuation and cost determination.
Perpetual Inventory System
An accounting method that records inventory purchases and sales in real time through continuous updates to inventory accounts.
LIFO Assumption
An inventory costing method that assumes the last items purchased are the first ones sold (Last In, First Out).
FIFO Assumption
Stands for First-In, First-Out, an inventory costing assumption where the first items purchased are the first ones to be sold.
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