What inventory method is used when the inventory balance is updated only at the end of the accounting period?

A) Periodic
B) Perpetual
C) Interim
D) Cost of Goods Sold

Periodic

Relating to or occurring at regular intervals; in accounting, it may refer to methods or adjustments made at regular intervals, such as the Periodic Inventory Method.

Inventory Method

An accounting approach used to value inventory, including procedures like First-In, First-Out (FIFO) or Last-In, First-Out (LIFO).

Perpetual

An inventory system where transactions are recorded in real-time, immediately affecting the inventory account, providing an ongoing record of inventory on hand.