Examlex
How well the design of a product or service meets and exceeds the needs and expectations of the customer is called:
Periodic inventory system
An inventory accounting system where updates to inventory accounts are made periodically, typically at the end of a financial period, rather than after each transaction.
Ending inventory
The value of goods available for sale at the end of an accounting period, calculated as the beginning inventory plus purchases minus cost of goods sold.
Periodic system
A periodic system is an inventory management approach where inventory levels and the cost of goods sold are calculated at the end of each accounting period, rather than continuously.
Beginning inventory
This is the value of all the inventory (raw materials, work-in-process, and finished goods) that a company has at the start of an accounting period.
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