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In Virginia,a 1985 state law proclaimed that
Periodic Inventory System
A method of inventory management where updates to inventory levels are made at specific intervals, typically at the end of an accounting period, rather than continuously.
Inventory Shipped on Consignment
Goods sent by a vendor (consignor) to a consignee, which are held by the consignee until sold; the consignor retains ownership until the goods are sold.
Consignee
The individual or entity that is legally permitted to receive goods but does not have ownership rights over the cargo until the consignment is paid for or sold.
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