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10 cards from this deck
Determining monetary value of business's stock on hand
Must stick to chosen method across accounting periods
Each item tracked with its actual purchase price
Large, expensive, unique items (vehicles, machinery, jewellery)
First In, First Out - oldest stock sold first
Valued using most recent purchase prices
Perishable goods (food, medicines, electronics)
Calculates average cost for all inventory items
Total cost of stock / Total units purchased
Smooths out price fluctuations over time
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