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Inventory Record System

There are two principal systems of determining the physical quantities and rupee value of inventories sold and in hand. One is known as the periodic inventory system and the other as the perpetual inventory systems. The periodic system is less expensive to use than the perpetual method. But the useful information obtained from perpetual system eclipses the cost consideration. These methods are distinguished on the basis of the actual records kept to ascertain the cost of goods sold and ending inventory valuations.

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