- September 15, 2021 at 5:41 pm #635789
hello sir, hope u are doing good.
sir, if company uses continuous inventory count system, does it mean company counts all inventory at the wheelhouse regularly. HOW DOES IT WORK.
THANKSSeptember 15, 2021 at 6:23 pm #635791September 16, 2021 at 7:16 am #635811
sir correct me if am wrong.
continuous inventory system and periodic inventory system need full inventory count once a year: periodic inventory system, count must be at the year end.
continuous inventory system regularly updates the records for movements of inventory and regular sample counts checks are part of internal control.
Thank u very much.September 16, 2021 at 7:42 am #635814
I seem to have confused you – let me clarify:
If records are perpetual (i.e. every movement in/out recorded) AND stock-checking is continuous (a control to check the accuracy of the records) – there is no need for any full count (at all/ever) as long as the checking shows the records to be accurate https://opentuition.com/topic/perpetual-inventory-count In this context “continuous” does not mean every minute of every day – but a sample of inventory items on a daily/weekly/monthly (regular “periodic”) basis covering all items during the course of a year.September 16, 2021 at 7:55 am #635818
got it sir. thank u very much for ur help. I really appreciate itSeptember 16, 2021 at 7:57 am #635819
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