Final answer:
Periodic inventory involves physically counting and recording products in stock at the end of the month.
Step-by-step explanation:
The inventory record that is usually taken at the end of the month by counting and recording products in stock in all storage areas is periodic inventory
Periodic inventory involves physically counting the items and updating the inventory records periodically, typically at the end of each month. This method is commonly used in businesses where tracking the inventory on a daily or continuous basis is not practical or necessary.
Periodic inventory provides a snapshot of the inventory levels at a specific point in time and helps identify any discrepancies or losses that may have occurred. It allows businesses to compare the physical count with the recorded quantities to ensure accuracy and make necessary adjustments.