If an inventory error is discovered during the reporting year, Multiple Choice it should be deferred and discussed with the external auditors. it should be corrected immediately. a certification of inventory is required. a running inventory balance should be implemented immediately. The major issue in inventory accounting is Multiple Choice determining whether to take inventory using cycle counts instead of counting all inventory only at the end of the year. deciding whether to maintain records on a periodic or perpetual basis. determining what goods to include in inventory. choosing the method for allocating goods available for sale to ending inventory and cost of goods sold