The periodic inventory system is very low and cost-effective as there is no coding involved in it. Furthermore, it is convenient to implement and maintain if the number of transactions is small. The staff can be appointed only periodically, or overtime can be given to the existing staff to count the number of stocks at the period prespecified. These can be seasonal staff and hence reduce the staff cost as well. Under this system, it is very easy to navigate the missing inventory if inventory is missing.
The periodic inventory is used by the small and smaller number of transactions and is not having any future needs for expansion where the scale of business will increase. A company can always switch between the periodic inventory and the perpetual inventory system.
The periodic inventory system can also be used if the company handles the supply chain process, sells a few products, and keeps an eye on the goods used in the business.
Advantages of adopting the Periodic Inventory System
It is very easy to adopt the periodic inventory system hence the error in inventory valuation is reduced.
This inventory method is beneficial when a company operates at a very low scale as it has lower costs and maintenance.
It is very easy to determine if any inventory is obsolete and immediately account for any losses due to inventory damage. The only time the inventory is current on the day, it is physically counted, and in case of any failures, it can be kept and accounted for at the end of the following physical count.
In a periodic inventory system, there are steps to calculate the amount of inventory used:
Gross Profit Method: Under this method:
Calculate the cost of goods available for sale: The cost of goods available for sales is the sum of Opening Inventory and the cost of purchases
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