BIN CARD Definition

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BIN CARD is a stock status recording document for a particular material/item held in a stock room. It is for the recording of stock receipts and issues and the running balance which should be on hand.

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JOINT PRODUCT is a single production process that yields multiple products simultaneously.

LIFO LIQUIDATION is a reduction in the reported value of inventory below levels established in prior years under the LIFO method; arises when purchases for the period are not sufficient to offset the sale of inventory in the period.

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