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Chapter 4 Weekly Discussion

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Q Chapter 4 - Weekly Discussion 1. Explain the difference between periodic and perpetual inventory. 2. Explain the difference between purchase discount and sales discount. RUBRIC: **5 points are awarded for a post that correctly and the answer with proper punctuation and grammar. This post is typically is a full paragraph with at least 5-8 sentences. **3 points are awarded for a post that is "mostly" correct and complete with proper punctuation and grammar. This post is typically close to a full paragraph with at least 3-5 sentences. **1 point is awarded for a post that is incorrect and/or incomplete. **0 points are awarded to those that do not answer the question

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The difference between periodic and perpetual inventory is that perpetual inventory system records the cost of goods sold at the time of each sale. However, a periodic inventory system records the cost of goods sold at the end of the period. So, perpetual is every time, and periodic once at the end of every period. As for the difference between purchase discount and sales discount is that a purchase discount is usually from a store getting a discount from a manufacture for buying bulk. Whereas a sales discount is the store giving a discount to a customer. So, purchase discount is for the retailers, and sales discount is for the customers.