The inventory system that does not keep a running record of all goods bought, sold, and on hand and- therefore-must take a physical count of the inventory on hand to determine the ending inventory is:

Question

Quizplus · Accepted Answer

The periodic inventory system is the only option described that does not keep a running record of inventory and instead relies on physical counts. The other options (cost of goods sold and perpetual inventory systems) do keep a running record of inventory.

The Inventory System That Does Not Keep a Running Record