Explain the various types of inventory and differentiate between the two inventory systems.

Expert Solution

Solution:

The inventory systems are mainly classified in to 2 , they are

1) Perpectual inventory system

2) Periodic inventory system

ICMA London defines perpectual inventory system as " As a system of records maintained by the controlling department which reflects the physical movement of stocks and their current balance"

In periodic inventory system , the entire stock is verified at a time. usually at the end of an accounting year for the preparation of financial statements.

ekkarill92 answered 2 years ago

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