the inventory method gives the pharmacy constant inventory information in real time by accounting for product as it is received and as it is sold.

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08-09-2022
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the inventory method gives the pharmacy constant inventory information in real time by accounting for product as it is received and as it is sold.

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tutorconsortium215 tutorconsortium215 · Answer 1 · 2022-09-12T17:15:15+02:00

The Perpetual inventory method gives the pharmacy constant inventory information in real time by accounting for product as it is received and as it is sold.

Periodic Inventory vs. Perpetual Inventory

Any raw materials and completed products that businesses keep on hand for production or that are offered for sale to customers on the open market are referred to as inventory. Periodic and perpetual inventory are two different forms of inventory. Businesses measure the amount of products they have available using both accounting techniques. However, they are fundamentally different. While perpetual inventory is automated utilizing point-of-sale and enterprise asset management systems, periodic inventory entails a physical count at various points in time. The former is more economical, whereas the later requires more effort and expense to complete.

Smaller organizations that have easy-to-manage inventory and may not have the resources or opportunity to integrate computerized technologies into their workflow frequently employ the periodic inventory system. In order to gauge their inventory and the cost of goods sold, companies occasionally perform physical counts (COGS).

COGS equals Beginning Inventory Balance + Inventory Purchase Cost - Ending Inventory Cost.

To lean more about Perpetual Inventory from the given link.

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