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∙ 10y ago
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Is periodic or perpetual inventory method best for mining company?
Periodic
What is difference between periodic inventory and perpetual inventory?
Periodic inventory method calculate ending stock at the end of the accounting period, which could be Month to Date or Year to Date, while Perpetual inventory system calculates the ending stock on a continuous basis after each transaction (Purchase or Sell). Within Retail industry, periodic inventory method used for inventory valuation at the stores, whereas distributer like SuperValu (in US) follows perpetual inventory method to track inventory in their distribution centers. As a best practice, some of the retail companies are using perpetual accounting method to track inventory available in warehourses and distribution centers. In an idealistic world, perpetual inventory method can provide the true and real time inventory information, however due to complexities in consolidating all the purchases, sales, shrinkages and other market factors, it is advisable for retail companies to follow periodic accounting method to analyze and review the results before presenting the inventory valuation results to internal and external agencies like Shareholders, Income Tax Authorities, et el.
What is the difference between periodic inventory and perpetual inventory?
Periodic inventory method calculate ending stock at the end of the accounting period, which could be Month to Date or Year to Date, while Perpetual inventory system calculates the ending stock on a continuous basis after each transaction (Purchase or Sell). Within Retail industry, periodic inventory method used for inventory valuation at the stores, whereas distributer like SuperValu (in US) follows perpetual inventory method to track inventory in their distribution centers. As a best practice, some of the retail companies are using perpetual accounting method to track inventory available in warehourses and distribution centers. In an idealistic world, perpetual inventory method can provide the true and real time inventory information, however due to complexities in consolidating all the purchases, sales, shrinkages and other market factors, it is advisable for retail companies to follow periodic accounting method to analyze and review the results before presenting the inventory valuation results to internal and external agencies like Shareholders, Income Tax Authorities, et el.
What is the best method of inventory and why?
Just in time is the best inventory management system. With just in time, the organization doesn't house inventory which saves them money.
During inflation what is the best method to value the stock?
during inflation the best method to use inventory valuation that produces that produces that least amount of profit is
Which is the Best Flight school in Philippines?
Perpetual School of Aviation - University of Perpetual Help
Which word is the best synonym for perpetual?
forever
In which business condition FIFO is the best inventory method?
In a large cooperate business where the income tax revenue can be allocated by giving to charities and using other income tax shelters
What is the best aeronautical school in the Philippines?
The best school is School of Aviation - University of Perpetual Help
Why is it best to sell inventory for less than the amount paid for it?
It is NOT best. But if there is an urgent need for capital to buy fresh inventory and current inventory is not selling, some businesses will take the loss.
What best describes the modern periodic table?
Periodic table of elements.
What is a good inventory management tool?
This point-of-sale (POS) and inventory management software is designed for small businesses, with stock tracking tools and several integrations. InFlow Inventory is a superb inventory management system for small enterprises on a budget. Orderhive is the best overall. For B2B companies, inFlow is the finest alternative. Lightspeed Retail is the best option for retail stores. Upserve is the best option for restaurants. Megaventory is the best option for manufacturing. Zoho Inventory is the best free option.
