UK Inventory

[Stephen B]

Very new to accountancy so just trying to get my head round inventory!

Please can someone explain the ledger accounts needed in a periodic inventory system.

My understanding is a closing inventory, opening inventory, purchases and a inventory account that closing balance is transferred into at end of year. Any further explantions much appreciated

 

[hamza.el]

Inventory Process :

- Accuracy of all quantites disaplyed in our systeme > GR / IR > Garantee the payment for suppliers.
- Ensuring inventory accuracy ( quantity) > Net Procurement .
- Valuation of inventory > 1. Value of stocks ( Balance sheet ) > 2 . COGS ( P&l ) > 3. Operating activity ( cash flow ) . And also costing of product ( cost accounting ) .
- .....