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Periodic Inventory System
An inventory accounting system where updates are made on a periodic basis, typically at the end of an accounting period, rather than continuously.
Perpetual Inventory System
An inventory management method where records of inventory quantities are updated on a continuous basis as sales and purchases are made.
Statement Of Income
A financial document that outlines a company's revenues, expenses, and net income over a specific period, providing insight into financial performance.
Cost Of Goods Sold
The direct costs attributable to the production of the goods sold in a company, including materials and labor.
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