Merchandise inventory and the cost of goods sold for the current period using periodic inventory is determined:

Name: Merchandise inventory and the cost of goods sold for the current period using periodic inventory is determined:
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When using the periodic inventory system, the merchandise inventory and the cost of goods sold are determined when a physical inventory count is taken, which can vary in frequency but is essential for calculating these figures under this system.

Merchandise Inventory and the Cost of Goods Sold for the Current