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.
C items = 1 time per year. Items considered accurate if the actual on-hand quantity matches the perpetual inventory quantity, within the following tolerances: A items = plus or minus 1% quantity variance from perpetual balance. B items = plus or minus 3% quantity variance from perpetual balance. C items = plus or minus 5% quantity variance from perpetual balanceâ. Today, however, most view this as dated thinking â in part, because of the challenge and cost of counting a given SKU in its totality across the distribution center.