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The data dictionary usually is maintained
FIFO
This inventory management and valuation method assumes that the oldest products are sold or used first; an acronym for "First In, First Out," detailing a specific approach to inventory and asset management.
Periodic Inventory System
An inventory accounting system where stock levels and cost of goods sold are calculated at the end of an accounting period, rather than being continuously updated.
Ending Inventory
The price of items for sale at the closing of a fiscal period.
Lower Of Cost
An accounting principle stating that inventory or other assets should be recorded at the lower of either the original cost or the current market value.
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