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Chapter Five mentions two different types of inventory systems: periodic inventory and perpetual inventory. Reflect upon these...

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Accounting

Chapter Five mentions two different types of inventorysystems: periodic inventory and perpetual inventory. Reflect uponthese two types of inventory while answering the followingquestions: In YOUR OWN words, what is the maindifference between these two types of systems? Provide areal-world example of businesses and/or locations that mayuse EACH type of inventory. Perhaps you have alreadyworked for a company who uses one or the other. (You should have atotal of two well-thought out examples. You may NOT use theexamples provided in the lecture notes). Explain howyou know that the inventory type you described is indeed what thebusiness uses. Was this the most efficient type of inventory foreach business? Finally, if you owned your own officesupply store, which type of inventory would you use, and why?Explain your answer carefully.

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Periodic inventory Vs Perpetual Inventory In periodic inventory system the company makes physical counts after some interval to know the actual inventory with them and calculate the cost of goods sold while In perpetual inventory system the company maintains proper records of inventory including its consumption and always have the figures of the    See Answer
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