Managerial Accounting
Managerial Accounting
17th Edition
ISBN: 9781260247787
Author: Ray H. Garrison, Eric W. Noreen, Peter C. Brewer
Publisher: RENT MCG
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Chapter P, Problem 19Q

Why do companies take a physical count of their inventory on hand at least once per year?

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Why do companies that use perpetual inventory systems alsotake an annual physical inventory? When is this physicalinventory usually taken? Why?
How do we update inventory using the year-end physical count and begin the next cycle using the periodic inventory system?
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