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PRINCIPLES OF ANIMAL ECOLOGY:
The periodic inventory system is an alternative to the perpetual inventory system. in the periodic inventory
In the system, there is no attempt to keep records of inventory or the cost of goods sold. ZOO507 HANDOUTS PDF These amounts are determined periodically and usually at the end of each year.
ZOO507 HANDOUTS PDF
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ZOO507-PRINCIPLES OF ANIMAL ECOLOGY:
The traditional periodic inventory system works as follows. When a product is bought, it costs money Instead of calculating the balance, it is charged to the account that has the right to buy. When there is a commodity
Sold, an entry is made to identify the revenue, but no entry is made to recognize the cost of goods sold.
Sold or to reduce your account balance. Since inventory records are not updated as Transactions take place, there is no secondary inventory. The basis of the periodic inventory system is the collection of a complete physical inventory at the end of the year.
ZOO507 HANDOUT – PRINCIPLES OF ANIMAL ECOLOGY:
This physical count determines the amount of inventory on the balance sheet. The cost of The goods sold for the whole year is then determined by a short calculation. C) Timely Inventory System (JIT).
In this case, it is the purchase of goods or crude oil Materials and components are produced in a timely manner for sale or production. In many cases, A few hours before production or sale.
ZOO507 HANDOUT PDF – PRINCIPLES OF ANIMAL ECOLOGY:
This includes completing the production process Timely to send the final product. Reduce “package” money in product inventory And the final product. ZOO507 HANDOUTS PDF There is no need to maintain a large inventory. but he The downside is that if the arrival of raw materials is delayed, the work may be disrupted.
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