UK Inventory


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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
 
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Morocco
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 ) .
- .....
 

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