Under a periodic inventory system Oa. accounting records continuounly disclose the amount of inventory Ob. a separate account for each type of merchandise is maintained in a subndiary ledger Oc. Merchandise Inventory is debited when goods are returned to vendors Od. a phytical imventory is taken at the end of the pertod

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30-11-2022
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Under a periodic inventory system Oa. accounting records continuounly disclose the amount of inventory Ob. a separate account for each type of merchandise is maintained in a subndiary ledger Oc. Merchandise Inventory is debited when goods are returned to vendors Od. a phytical imventory is taken at the end of the pertod

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contexto38 contexto38 · Answer 1 · 2022-12-03T16:42:56+01:00

Physical inventory is taken as part of a periodic inventory system at the conclusion of each month. The right response in this case is option D.

The periodic inventory system involves routine inventory updates. Inventory is recorded in the purchase account under the periodic inventory system up until the physical count is performed, at which point it is moved to the inventory account.

The periodic inventory method has the benefit of eliminating the requirement for separate accounting for inventories of raw materials, work-in-progress, and finished items. The only thing that is noted is purchases.

Physical counts are used in periodic inventory systems to measure inventory levels. After every sale or buy, the perpetual approach updates inventory records continually while keeping track of the inventory balance.

To learn more about the periodic inventory system

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