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10 cards from this deck
Raw materials, work-in-progress, finished goods
Up to 30%
Last-in-first-out: recent inventory sold first
First-in-first-out: oldest inventory sold first
Lower gross profit
Higher gross profit
Materials arrive exactly when needed in precise quantity
Minimises storage, insurance & holding costs
Reliable suppliers delivering on time with consistent quality
LIFO/FIFO=valuation methods; JIT=management strategy
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