Under the periodic inventory system, the cost of merchandise sold is equal to the beginning merchandise inventory plus the cost of merchandise purchased plus the ending merchandise inventory.

Question

Quizplus · Accepted Answer

Under the periodic inventory system, the cost of merchandise sold is calculated by subtracting the ending merchandise inventory from the cost of goods available for sale, which is the beginning merchandise inventory plus the cost of merchandise purchased.

Under the Periodic Inventory System, the Cost of Merchandise Sold