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.
Here inventory is monitored on a continual basis, and the assumption is that we always know the current level of inventory. When inventory levels reach the ROP, an order of quantity Q is placed. For example, letâs assume that a grocer uses a fixed-order quantity system for its inventory of canned tomato soup.