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Perpetual inventory system is the most commonly used amongst large retail stores such as Amazon. Perpetual inventory system records every inventory that is purchased and sold at that moment as well as calculated every business transaction. Most large retailer companies used perpetual inventory because they can collect large amount of data to make this system possible. Periodic inventory system is used amongst smaller retailer stores to track inventory. Periodic inventory system does not track or record inventory right away instead the total of inventory is calculated at the end of the period, which can be on a monthly basis.
One example of the perpetual inventory system is a company purchased $200 worth of ear buds, and each ear bud cost $50. The company sold two ear buds, which leave them with two set of ear buds. Each time the company sells an ear bud, the system calculated the sale and record how many ear buds were left. In this case, the system automatically tracks how much inventory is on hand. On the other hand, if the company uses periodic inventory system, then they would have to perform a physical count of the inventory on hand. In this case, depending on the size of the company, some retailers might prefer perpetual inventory system because it tracks the inventory automatically. However, the disadvantage is that tracking inventory can be short because it does not consider stolen products. Overall, depending on the size of the company and the cost of the product, most company might use wither perpetual or periodic inventory systems.
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