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Spots, Inc. produces ink and sells it to Write on Target, which makes pens. The ink produced by Spots, Inc. is called
Perpetual Inventory System
A strategy for managing inventory accounting that utilizes computerized point-of-sale systems and enterprise asset management software to immediately document sales or purchases.
Accounts Payable
Obligations a business has to its creditors, arising from the purchase of goods and services on credit.
Perpetual Inventory System
A system for accounting inventory that instantly captures the transactions of buying or selling via computerized point-of-sale systems and software for enterprise asset management.
Gross Method
An accounting practice where purchases are recorded at their full invoice price without deducting discounts that may later be received.
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