The periodic inventory system is a shortcut system that does not record the ______________ of each sale.

Question

Quizplus · Accepted Answer

The periodic inventory system does not keep track of the cost price of each sale. Instead, it calculates the cost of goods sold by taking the beginning inventory, adding purchases, and subtracting the ending inventory. This is in contrast to the perpetual inventory system, which tracks the cost of each sale in real-time.

The Periodic Inventory System Is a Shortcut System That Does