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Perpetual Inventory System
An inventory system that updates the quantity and cost of inventory immediately following purchase or sale activities.
Merchandise Inventory
Goods and products that a retailer, wholesaler, or distributor holds in stock with the intent to sell them for profit.
Cost of Goods Sold
The total direct costs attributable to the production of goods sold by a company during a specific period.
Sales Returns & Allowances
Transactions where sellers accept returned goods from buyers, or provide a price reduction or discount, reducing the initial sales revenue.
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