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#99- Inventory System - Perpetual vs Periodic Entity can account for its inventory by using either perpetual method or periodic method. Under perpetual method: - the entity record for every single movement of the inventory (i.e. in and out of the inventory) - at any single point of time, the entity is able to recall the inventory on hand - frequency of stock-take required is lesser than those accounted using periodic method Under periodic method, - every single movement for the inventory (i.e. in and out) is not required to be tracked - the entity perform a periodic stock-take to ascertain the inventory balance - inventory on hand can only be recalled after the stock-take is performed - frequency of stock-take required is higher than those accounted using perpetual method - cost of sales is computed by using the following formula: Opening Stock+ Cost of Goods Manufactured / Purchase - Closing stock The above summarize the difference between perpetual inventory method and periodic inventory method. Posted by Kauditor at 8:34 AM 4 comments Labels: Auditing- Asset Friday, December 10, 2010 #98- Expectation on FY 2010 inventory level For audit of year-end 2010 audit, auditors should form an expectations that inventory level has reduced, as compared to previous year. Inventory level can be computed as inventory as % of sales / inventory as % of last 3 month sales. This provide a good guide / benchmark on the inventory level our audit clients are holding. In view of the recovering business/ economy, inventory turnover are expected to become relatively quicker than prior year. Aged inventory are expected become relatively lesser either. If the inventory level, as well as aged inventory level, remain relatively constatnt as prior year, this could indicate higher risk of provision for