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Periodic Inventory System
An inventory system where inventory levels are updated at specific intervals rather than continuously, often requiring physical counts.
Cost of Goods Sold
Represents the direct costs attributable to the production of the goods sold by a company.
August
The eighth month of the year in the Gregorian calendar.
Full Settlement
Full settlement is the process of completely resolving an obligation or debt through payment or another agreed-upon method, leaving no outstanding amounts.
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