Which inventory system updates the inventory account only at the end of the accounting period?
A)LIFO
B)Perpetual
C)FIFO
D)Periodic

Question

Quizplus · Accepted Answer

When a periodic inventory system is in use,inventory records are updated "periodically," at the end of the accounting period.To determine how much merchandise has been sold,periodic systems require that inventory be physically counted at the end of the period.

Which Inventory System Updates the Inventory Account Only at the End