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Brian Vanecek, VP of Operations at Portland Trust Bank, is evaluating the service level provided to walk-in customers.Accordingly, his staff recorded the waiting times for 45 randomly selected walk-in customers, and calculated that their mean waiting time was 15 minutes.If Brian concludes that the average waiting time for all walk-in customers is 15 minutes, he is using a ________.
Perpetual Inventory System
An accounting method that continuously updates inventory records for purchases and sales in real-time.
Periodic System
The periodic system is an inventory accounting system where updates to inventory levels are made on a periodic basis, such as monthly or yearly, rather than continuously updating with each sale or purchase.
Average Cost Method
An inventory costing method in which all goods are assigned a price based on the average cost of all units purchased, factoring in all inventory acquired.
Ending Inventory
The total value of goods available for sale at the end of an accounting period, calculated using various valuation methods like FIFO, LIFO, or average cost.
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