Discover the best answers at Westonci.ca, where experts share their insights and knowledge with you. Experience the ease of finding quick and accurate answers to your questions from professionals on our platform. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.
Sagot :
Answer:
Using the periodic inventory system affects the balance sheet contents differently than when the perpetual system is used
Explanation:
Periodic inventory system can be regarded as a method used in inventory valuation for the purpose of
financial reporting whereby physical count of the inventory is carried out at specific intervals. There is no effort made in keeping up-to-date records patterning the cost of goods sold as well as inventory under this system. It should be noted that these followings as regards to periodic inventory system
✓ Under the periodic system, a company uses separate accounts to record freight costs, returns, and discounts.
✓Under the periodic inventory system, the balance of cost of goods sold is calculated at the end of the period. ✓Under the periodic inventory system, the balance in ending inventory is calculated at the end of the period.
Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. Thank you for your visit. We're committed to providing you with the best information available. Return anytime for more. We're here to help at Westonci.ca. Keep visiting for the best answers to your questions.