In a periodic inventory system, the inventory is adjusted
A) each time inventory is purchased.
B) each time inventory is sold.
C) when inventory is counted at the end of the accounting period.
D) at the end of each month.

Question

Quizplus · Accepted Answer

In a periodic inventory system, the inventory levels and cost of goods sold are updated in the accounting records at the end of an accounting period (e.g., monthly, quarterly, annually) based on a physical count of inventory.

In a Periodic Inventory System, the Inventory Is Adjusted