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Instructions: Please Define the Following Key Terms

question 16

Essay

Instructions: Please define the following key terms.
-privateer


Definitions:

Average Inventory

A metric that estimates the amount of inventory a business has on hand over a certain period, calculated by taking the sum of the beginning and ending inventory levels divided by two.

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made on a periodic basis, as opposed to continuously.

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