The total list price for in-state Connecticut residents to go to ECSU is $22,210 for the 2014/2015 academic year. Out-of-state students who don't possess Connecticut residence can expect a one year cost of $32,496.
What is 'Periodic Inventory' Periodic inventory is a method of inventory valuation for financial reporting purposes where a physical count of the inventory is performed at specific intervals. This accounting method for inventory valuation only keeps track of the inventory at the beginning of a period, the purchases made and the sales during the same period and is recorded under the asset section of the balance sheet.
(1) Note that the only General Ledger Inventory related account that had any transactions posted during the year was the Purchases Account. The Merchandise Inventory Account has the beginning balance and no other transactions posted and the Cost Of Goods Sold Account likewise has no transactions posted. (2) Without ending inventory balances and cost of goods sold balances during the year, we are unable to prepare monthly (interim) financial statements without performing a physical count and making adjusting entries.