Under the periodic inventory system,a physical inventory count is taken to determine the cost of the inventory on hand and the cost of the merchandise sold.

Name: Under the periodic inventory system,a physical inventory count is taken to determine the cost of the inventory on hand and the cost of the merchandise sold.
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This is the main characteristic of the periodic inventory system, where inventory counts are taken periodically to determine the cost of sales and the value of inventory on hand.

Under the Periodic Inventory System,a Physical Inventory Count Is Taken