In a periodic inventory system, the cost of goods sold is determined
A)at the beginning of the accounting period.
B)after each sale.
C)after each purchase.
D)at the end of the accounting period.

Question

Quizplus · Accepted Answer

In a periodic inventory system, the cost of goods sold (COGS) is calculated at the end of the accounting period by conducting a physical inventory count to determine the inventory on hand, and then using this information along with the beginning inventory and purchases during the period to calculate COGS.

In a Periodic Inventory System, the Cost of Goods Sold