Under the periodic inventory system,no effort is made to keep up-to-date records of either Inventory or Cost of Goods Sold as transactions occur.

Name: Under the periodic inventory system,no effort is made to keep up-to-date records of either Inventory or Cost of Goods Sold as transactions occur.
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Question

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In periodic inventory system, Inventory and Cost of Goods Sold are only updated at the end of the accounting period. Transactions are not recorded for each sale or purchase.

Under the Periodic Inventory System,no Effort Is Made to Keep