Under the periodic inventory system, the merchandise inventory and the cost of goods sold for the current periods are determined

Question

Quizplus · Accepted Answer

Under the periodic inventory system, the merchandise inventory and the cost of goods sold for the current period are determined when a physical inventory is taken. The physical count is used to determine the ending inventory, which is then used to calculate the cost of goods sold for the period.

Under the Periodic Inventory System, the Merchandise Inventory and the Cost