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Descriptive Statements
Statements that provide detailed explanations or descriptions of scenarios, processes, or items without making analytical judgments.
FIFO Perpetual
An inventory valuation method where the first items purchased (First In) are the first ones to be used or sold (First Out) on a continuous basis.
LIFO Perpetual
A method of inventory valuation which assumes that the last items placed in inventory are the first ones sold, applied continuously throughout the accounting period.
Weighted Average
This is a calculation method that takes into account the varying degrees of importance of the numbers in a data set, giving different weights to some of the data points.
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