Examlex
Choose the one alternative that best completes the statement or answers the question.
Complete the identity.
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Periodic Inventory System
An inventory system that updates inventory balances after a set period by taking a physical inventory count.
First-In, First-Out (FIFO)
An inventory valuation method that assumes the first items placed into inventory are the first sold, affecting the cost of goods sold and inventory value.
Perpetual Inventory System
This inventory accounting technique immediately logs purchases or sales of inventory via computerized point-of-sale systems and enterprise asset management software.
Ending Inventory
The price of commodities accessible for purchase following the conclusion of an accounting session.
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