When using periodic inventory,the closing process begins with closing out the Beginning inventory to Cost of goods sold.

Name: When using periodic inventory,the closing process begins with closing out the Beginning inventory to Cost of goods sold.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Periodic inventory systems do not require a separate closing entry for beginning inventory. Instead, the beginning inventory balance is closed directly to cost of goods sold.

When Using Periodic Inventory,the Closing Process Begins with Closing Out