The periodic inventory system keeps a running record of inventory and cost of goods sold.

Name: The periodic inventory system keeps a running record of inventory and cost of goods sold.
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The periodic inventory system does not keep a running record of inventory and cost of goods sold. Instead, it relies on physical counts of inventory at the beginning and end of an accounting period to determine the cost of goods sold and the value of ending inventory.

The Periodic Inventory System Keeps a Running Record of Inventory