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FIFO
An inventory valuation method where the first items purchased or produced are considered the first sold, standing for First-In, First-Out.
Receiving Report
a document that records the details of goods received from a supplier, used to match against purchase orders and invoices.
Inventory Control
A system used to oversee and manage the ordering, storage, and use of inventory in a business.
Initial Record
Initial record refers to the first entry of a transaction into the accounting system. This record is crucial for maintaining the accuracy and integrity of financial data.
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