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The number of traffic fatalities dropped dramatically between 1964 and 2004 because
Periodic Inventory System
An inventory accounting system where the inventory balance is updated and the cost of goods sold is calculated only at the end of each accounting period.
Merchandise Purchases
The acquisition of goods for resale at a profit, a central activity of retail and wholesale businesses.
Lower of Average Cost or Market
An inventory valuation method where inventory is valued at either its average cost or market value, whichever is lower.
Cost-to-retail Percentage
A ratio used in inventory valuation that compares the cost of inventory to its retail price.
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