With a periodic inventory method,it is necessary to conduct a physical count of inventory to determine cost of goods sold.

Question

Quizplus · Accepted Answer

With periodic inventory method, cost of goods sold is calculated by subtracting the ending inventory from the beginning inventory and adding purchases made during the period. To determine the cost of goods sold accurately, it is necessary to physically count the inventory at the end of the period.

With a Periodic Inventory Method,it Is Necessary to Conduct a Physical