Under the periodic inventory system,which of the following amounts will always stay the same regardless of the inventory valuation method used?

Question

Quizplus · Accepted Answer

Under the periodic inventory system, the cost of goods sold is calculated at the end of the accounting period by subtracting the beginning inventory from the sum of purchases and freight-in, and then subtracting the ending inventory. Therefore, purchases will always stay the same regardless of the inventory valuation method used. Ending merchandise inventory, gross profit, and cost of goods sold may vary depending on the inventory valuation method chosen (e.g. FIFO, LIFO, weighted average).

Under the Periodic Inventory System,which of the Following Amounts Will