What is a periodicinventorysystem?

1.A systemwhere inventory movements are not tracked and the annualstocktakedeterminesthe number of inventory items and their value each year.

2.A systemwhere movements in all inventory items are tracked periodically each year.

3.A systemwhere inventory value is determined by multiplying the stock on hand by a weighted average cost per item.

4.A systemwhere an accountant periodically values inventory.