Periodic Inventory System
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Description
An alternative to the perpetual inventory system. It eliminates the need for recording the cost of goods sold as sales occur. However, the amounts of inventory and the cost of goods sold are not known until a complete physical inventory is taken at year-end.
Concept Prerequisite
Wikipedia Reference
http://en.wikipedia.org/wiki/Periodic inventory
Learning Material
Covered in Topic(s)
| Merchandising Activities |