assume that Helen's, Inc. uses a periodic inventory system and takes a physical inventory only at year-end.
-The amount of costs transferred from the Inventory account to the Cost of Goods Sold account during January was:

Question

Quizplus · Accepted Answer

In a periodic inventory system, the cost of goods sold is determined at the end of the accounting period, not during the period. Therefore, no costs are transferred from Inventory to Cost of Goods Sold during January.

Assume That Helen's, Inc