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Parameters differences in Item master and Item branch

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A Diamond studded jewellery export company has acquired a brand new concept of Solitare diamond jewellery which includes 18 karat gold ,1 carat ( wt.) diamond and different alloys.You will enter Item master records of all these inventory items to allow the warehouse transactions. Similarly you need to define Item branch of all of them.So what are these two essential fields and whats the exact divergence between them……
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