Question

under period inventory control​

Answer 1

Answer:

periodic inventory system only updates the ending inventory balance in the general ledger when a physical inventory count is conducted. Under the periodic inventory system, all purchases made between physical inventory counts are recorded in a purchases account. .

Answer 2

Answer:

Periodic inventory is a system of inventory in which updates are made on a periodic basis. This differs from perpetual inventory systems, where updates are made as seen fit.

In a periodic inventory system no effort is made to keep up-to-date records of either the inventory or the cost of goods sold. Instead, these amounts are determined only periodically - usually at the end of each year. This physical count determines the amount of inventory appearing in the balance sheet. The cost of goods sold for the entire year then is determined by a short computation.

Explanation:

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