Accounting Dictionary - Accounting Term
Periodic Inventory Accounting System
Periodic Inventory Accounting System is an inventory accounting system, applying which only inventory sales revenues are being recorded each time such sale is made.
Inventory quantity is not updated each time after the sale is made.
Cost of inventory on hand is estimated at the end of the period taking physical inventory count.
This quantity is used to calculate Cost of Good Sold, i.e. Cost of Goods Sold=Opening Inventory+Purchases-Closing Inventory.
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