Final answer:
Inventory records typically include the status of each item by time period, helping businesses track inventory flow and make informed decisions.
Step-by-step explanation:
The statement that inventory records contain information on the status of each item by time period is generally true. Inventory records are a key part of inventory management systems and they typically track the quantity of each item on hand, as well as information on when items are received or sold. This helps businesses understand the flow of their inventory over time and make better decisions for ordering and stocking levels.