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-Losses of inventory due to theft, damage, spoilage, etc., that cause the actual inventory on hand to be less than that on record.
a. Credit terms
b. FOB destination
c. FOB shipping point
d. Periodic inventory system
e. Perpetual inventory system
f. Inventory shrinkage
g. Single-step income statement
h. Multiple-step income statement
Absolute Frequency
The total count of occurrences of a specific event or characteristic in a given dataset.
Median
The middle value in a set of data when it is ordered in numerical sequence, or the average of the two middle values when the set has an even number of values.
Average
A statistical measure that summarizes a data set by dividing the sum of all values by the number of values.
Total
Referring to the complete amount or sum of parts.
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