In the periodic inventory system,ending inventory is determined by taking an actual physical count of goods on hand on the last day of the accounting period; beginning inventory for the next period is determined by taking another physical count of goods on the first day of the new period.

Question

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In the periodic inventory system, the ending inventory is determined by a physical count at the end of the period, and this count is used as the beginning inventory for the next period without taking another physical count on the first day of the new period.

In the Periodic Inventory System,ending Inventory Is Determined by Taking