Definitions for "Perpetual inventory system"
"A system for determining inventory on hand by keeping continuous records of the quantity and, usually, the cost of individual items as they are bought and sold."
System of accounting for merchandise which provides a continuous record showing the quantity and cost of all goods on hand
A system of inventory accounting in which both the revenue from sales and the cost of merchandise sold are reported each time a sale is made, so that the records continually disclose the amount of the inventory on hand.