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Periodic Inventory System
An accounting method where the inventory is physically counted at the end of a certain period, used to calculate the cost of goods sold and determine inventory levels.
Perpetual Inventory System
An inventory management system that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.
Consignee
The person or company that receives goods for sale, storage, or shipment on behalf of another, holding goods without taking ownership.
FOB Destination
A shipping term where the seller is responsible for the delivery of goods to a specific destination, absorbing all costs and risks until the goods are received by the buyer.
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