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inventory item |
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Generally, its non-LIFO inventory items experienced deflation rather than inflation. The Army recognized this and over the past few years has reclassified many small arms repair parts with a Controlled Inventory Item Code of U (unclassified), which means these parts can be stocked and stored without the accountability and storage restrictions. As companies over the next decade adopt RFID, computer systems will store the cost data associated with each individual inventory item and will be able to more accurately determine ending inventory levels or the cost of goods sold. |
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