Compare and contrast traditional manufacturing systems with flexible manufacturing systems on the following factors:
Definitions:
Perpetual Inventory System
An accounting method that continuously updates inventory records for every purchase and sale.
Credit Memo
A document issued by a seller to a buyer, reducing the amount that the buyer owes due to a return or refund.
Credit for Returns
A reduction in sales revenue that occurs when customers return previously purchased products.
Discount Period
The timeframe during which a discount is available or the period between the receipt of a bill and its payment due date when a discount may be taken.
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