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Lower Of Cost
A principle in accounting that dictates inventory or other assets should be reported at the lower amount between its historical cost and its market value.
Major Categories
Broad, overarching groups or classes into which items, ideas, or phenomena are classified based on shared characteristics or attributes.
Inventory Items
Goods or products that a business holds for the purpose of sale or production, including raw materials, work-in-progress, and finished goods.
Periodic Inventory System
An inventory accounting method where inventory and cost of goods sold are determined at the end of an accounting period based on a physical count.
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