The Weighted Average Periodic Inventory System is a way of calculating the average cost of inventory items over a given period. It takes into consideration the cost of goods purchased, including direct material costs and other costs that are associated with purchasing and receiving inventory. By using this system, businesses can effectively manage their inventory and ensure accuracy when reporting financial performance. The key to success is in taking the time to assess and document all necessary data, as well as Vigilant maintenance to keep records up-to-date. With this system in place, businesses can rest assured that their finances are accounted for accurately and efficiently.