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Periodic Inventory System
An inventory accounting system where stock levels and cost of goods sold are determined at the end of an accounting period through a physical count.
Inventory Record
Documentation that tracks the quantity, location, and status of products throughout the supply chain from acquisition to sale.
Inventory Items
These are goods and materials held by a business for the purpose of resale or as inputs in the production process.
Net Sales
The revenue from sales transactions after deducting returns, allowances for damaged or missing goods, and discounts.
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