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Perpetual Inventory System
An accounting method that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.
Merchandise Inventory Account
An account that records the value of goods that a retailer, wholesaler, or distributor has available for sale to customers at any given time.
Specific Identification
An inventory costing method where individual costs are assigned to specific items of inventory, often used for unique or high-value items.
Identical Units
Units of product that are the same in every aspect, often used in inventory management and costing methods.
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