Methods and apparatuses are provided to automatically identify overstated perpetual inventory (PI) conditions regarding an inventory level of an item in a retail space. For example, in some embodiments, a method performed by a control circuit comprises determining (504) that, a plurality of times, an item for sale at a retail store sells within a defined tolerance of a non-zero inventory quantity value and then stops selling for a period of time; and making (506) a determination that an overstated PI condition exists with respect to an inventory level of the item at the retail store. In some embodiments, the overstated PI condition is automatically quantified and may be automatically corrected.