periodic inventory

In earlier periods, non-continuous, or periodic inventory systems were more prevalent.

In a periodic inventory system, an adjusting entry is used to determine the cost of goods sold expense.

Periodic inventory is a system of inventory in which updates are made on a periodic basis.

Searching through those files, she found a small model of the David listed in six periodic inventories, beginning in 1553 and ending in 1666.

Periodic: In the periodic inventory system, sales are recorded as they occur but the inventory is not updated.

In a periodic inventory system no effort is made to keep up-to-date records of either the inventory or the cost of goods sold.

Mandate the periodic inventory, decommissioning and melting down of all confiscated guns for conversion into manhole covers and other useful instruments.

Mr. Regan recommended that periodic inventories be taken of Stony Brook equipment by employees other than those with custodial responsibility for the items, and that the inventory record-keeping practices be brought into compliance.

WEIGHTED-AVERAGE -A periodic inventory costing method where ending inventory and cost of goods sold are priced at the weighted-average cost of all items available for sale.

By recording the cost of goods sold for each sale, the periodic inventory system alleviated the need for adjusting entries and calculation of the goods sold at the end of a financial period, both of which the perpetual inventory system requires.