Periodic inventory system, Financial Accounting

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Under this system all stock levels are reviewed after fixed time duration, depending upon the significance of the item. Imported items may need a shorter review cycle, while slow moving items may need a longer review cycle. Throughout practice the review of stock items takes place at the end of the accounting period. While review time, orders are puts for additional stocking up to a pre-determined level. In this system the order point is not real found out but the time of review itself is an indication to place additional orders.


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