In a Periodic Inventory System, the Cost of Goods Sold

In a periodic inventory system, the cost of goods sold is determined by:

A) Multiplying net sales for the period by a cost ratio.
B) Journal entries made at the time of each sales transaction.
C) Physically counting the quantities of goods sold each day, and determining the cost of these items at year-end.
D) Subtracting the cost assigned to the ending inventory from the cost of goods available for sale during the period.