Now select and briefly describe a business you would like to own or run and choose the best inventory system for that business. State why you made your choice as you did by stating advantages and disadvantages.
The types of inventory system are broadly divided into the perpetual inventory system and the periodic inventory system. The periodic inventory system has several systems such as last in first out, first in last out, and average cost methods. The perpetual inventory methods have systems in which there immediate accounting for inventory sales in the inventory account. The store balances of inventory are recorded after every ...
This solution explains the different types of inventory systems. The sources used are also included in the solution.