Match the terms with the descriptions related to merchandise sales and purchases.
-Relies on a count of inventory on the last day of the year to determine amount on hand.
A)Transportation-in
B)Perpetual inventory system
C)Net purchasesd.
D)FOB Destination
E)Cost of goods available for sale
F)Periodic inventory system
G)FOB Shipping point
H)Delivery expense

Question

Quizplus · Accepted Answer

The periodic inventory system relies on a count of inventory on the last day of the year (or accounting period) to determine the amount on hand.

Match the Terms with the Descriptions Related to Merchandise Sales