Question: Chapter Five mentions two different types of inventory systems: periodic inventory and perpetual inventory. Reflect upon these two types of inventory while answering the following
Chapter Five mentions two different types of inventory systems: periodic inventory and perpetual inventory. Reflect upon these two types of inventory while answering the following questions: In YOUR OWN words, what is the main difference between these two types of systems? Provide a real-world example of businesses and/or locations that may use EACH type of inventory. Perhaps you have already worked for a company who uses one or the other. (You should have a total of two well-thought out examples. You may NOT use the examples provided in the lecture notes). Explain how you know that the inventory type you described is indeed what the business uses. Was this the most efficient type of inventory for each business? Finally, if you owned your own office supply store, which type of inventory would you use, and why? Explain your answer carefully.
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