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A Company Using a Periodic Inventory System Must Total the Selling

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A company using a periodic inventory system must total the selling prices of the units on hand at the end of the period in order to value the ending inventory.


Definitions:

Cumulative Frequency

The sum of frequencies accumulated up to a certain point in a data set.

Total Number

The aggregate or sum count of items or entities in a set or dataset.

Data Set

A collection of data, often presented in tabular form, consisting of variables and observed or measured values.

Class Width

The difference between the upper and lower boundaries of any class (or category) in a frequency distribution.

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