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  • 42 terms


    Perpetual inventory system


    Perpetual- maintain detailed records of the cost of each inventory purchase and sale. Records continuously show inventory that should be on hand. Company determines cost of goods sold each time a sale occurs. Traditionally used for merchandise with high unit values. Provides better control over inventories. Requires additional clerical work and additional cost to maintain inventory records. company determines cost of goods sold each time a sale occurs.

    • Midterm 2
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    • Vocabulary for Midterm 2. Find, create, and access Balance Sheet, Revenue, Accouning 1, Generally Accepted Accounting Principles flashcards with Course Hero.

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