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CPPB TEST - DOMAIN V Correctly Answered!!
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LAST-IN FIRST OUT (LIFO) - ANSWER Utilized in Private Sector. Due to taxes, it is beneficial to use the latest received item JUST-IN-TIME (JIT) INVENTORY - ANSWER Inventory system in which companies manufacture or purchase goods just in time for use. Technique focused on the inventory reduction and value- added activity. SCRAP - ANSWER Consist of ferrous and non-ferrous metal as well as non-metallic scrap such as wood, paper, plastic and other materials that do not meet requirements or standards and cannot be worked economically WASTE - ANSWER Non-metallic scrap that has some market value RUBBISH - ANSWER Refuse that does not have any market value but must be disposed of OBSOLETE SUPPLIES/EQUIPMENT - ANSWER
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