Which inventory system keeps an ongoing tally of purchases and sales of inventory with adjustments that reflect changes as they occur?
A)Periodic system
B)Perpetual system
C)Just-in-time system
D)Specific identification system

Question

Quizplus · Accepted Answer

The perpetual system keeps an ongoing tally of purchases and sales of inventory with adjustments that reflect changes as they occur. The periodic system, on the other hand, only updates inventory records at predetermined intervals, such as at the end of each month. The just-in-time system is a method of inventory management focused on minimizing inventory levels, and the specific identification system is a method of inventory tracking that involves assigning a specific cost to each individual item in inventory.

Which Inventory System Keeps an Ongoing Tally of Purchases and Sales