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Perpetual Inventory System
An inventory management system where updates to inventory records are made in real-time following each sale or purchase transaction.
FIFO
An inventory valuation method that assumes the first items acquired are the first ones sold, standing for First-In, First-Out.
Last-in, First-out
An inventory valuation method where the most recently produced or purchased items are the first to be expensed, often used to manage costs and taxes.
Last-in, First-out Method
An inventory valuation method where the goods purchased last are considered sold first for cost of goods sold calculation.
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