Examlex
Which one of the following best describes the function ?
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.
Cost Of Goods Sold
The direct financial outlays for labor and materials that are necessary for producing goods a company sells.
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