Asked by Sydnee Frakes on May 22, 2024
Verified
When using a periodic inventory system, a physical inventory is required.
Periodic Inventory System
An inventory accounting system where updates to inventory levels are made at specific intervals and not recorded in real-time after each sale or purchase.
- Acquaint oneself with the importance of conducting a physical inventory in the periodic system and its non-requirement in the perpetual system.
Verified Answer
JT
Jordyn ThomasMay 24, 2024
Final Answer :
True
Explanation :
In a periodic inventory system, physical inventory counts are necessary at the end of the accounting period to determine the cost of goods sold and the value of ending inventory.
Learning Objectives
- Acquaint oneself with the importance of conducting a physical inventory in the periodic system and its non-requirement in the perpetual system.