Examlex
Find the median of the test scores from a math class whose scores were: 94, 82, 97, 74, 52, 61, 97, 85, 94, 74, 98, 77, 89, 94, 70.
LIFO method
Last In, First Out; an inventory valuation method where the most recently produced or purchased items are the first to be expensed.
Periodic system
An inventory valuation method where updates to inventory records are made on a periodic basis, usually at the end of an accounting period.
Beginning inventory
The value of a company's inventory at the start of an accounting period.
Perpetual inventory system
An inventory system that keeps continuous, real-time records of goods bought and sold, updating inventory accounts without physical counts.
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