Jones Co. takes a physical inventory count of their merchandise each year in order to update the inventory value. This is an example of a(n):

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The periodic inventory system updates inventory value only at the end of a fixed period by taking a physical count of the merchandise, which is exactly what Jones Co. is doing. The perpetual inventory system, on the other hand, continuously updates the inventory value as transactions occur. Re-evaluation and adjusting inventory systems are not standard inventory systems.

Jones Co Takes a Physical Inventory Count of Their Merchandise Each