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An adverse variable overhead cost variance might mean that some item of variable overhead,such as cleaning costs,has cost more than expected
Lower Of Cost
An accounting principle that values inventory at the lower of its historical cost or market value.
LIFO Inventory
Last-In, First-Out inventory method, where the most recently produced items are recorded as sold first.
Current Replacement Cost
The cost that would be incurred to replace an asset at the present time, considering the asset's current condition.
LIFO Perpetual
Inventory valuation and accounting system where the last items purchased are the first ones sold, continuously updated for each sale or purchase.
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