There is no universally accepted definition of a percentile. Using the 65th percentile as an example, the 65th percentile can be defined as the lowest score that is greater than 65% of the scores. This is the way we defined it above and we will call this Definition 1..
b. The perpetual inventory system updates inventory records at the end of a period. c. The periodic inventory system updates inventory at the end of a period. d. The perpetual inventory system continually updates inventory records. e. Both C and D are true statements.
Introduction to physical inventory. Physical inventory is a regular procedure during the operating period which represents a physical count of the entire inventory of a company. A full physical count is usually performed once a year, closer to the end of the year. A physical inventory is needed to provide accurate accounting data and identify any differences between what is currently in the warehouse(s) and what is reflected in the accounting system.