A physical inventory is usually taken
A)in the middle of the fiscal year.
B)at the peak of the busy season.
C)at the end of the fiscal year.
D)at December 31.

Question

Quizplus · Accepted Answer

A physical inventory is usually taken at the end of the fiscal year to determine the actual amount of inventory on hand and the cost of goods sold for the year. This allows for accurate financial statements to be prepared and proper tax reporting to be completed.

A Physical Inventory Is Usually Taken