Top 3 Types of Inventory System | Cost Accountancy
The types are: 1. Perpetual Inventory System 2. Continuous Physical Stock Taking Inventory System. 3. Periodic Stock Verification. Inventory System: Type # 1. Perpetual Inventory System: Definition: In the words of Wheldon: "Perpetual Inventory System may be defined as a method of recording store balances after every receipt and issue, to facilitate regular checking and to obviate closing down for [...]