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

Question:

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

In a periodic inventory system, the cost of goods sold is: Multiple Choice Recorded as sales transactions occur. Determined b

In a periodic inventory system, the cost of goods sold is: Multiple Choice Recorded as sales transactions occur. Determined by a computation which is performed at year-end, after the taking of a complete physical inventory. Equal to the beginning inventory, plus purchases made during the period, less sales revenue for the period. O Determined by subtracting the balance in the Gross Profit account from the amount of net sales.

Answers

UNDER PERIODIC INVENTORY SYSTEM PHYSICAL INVENTORY COUNT IS TAKEN TO MEASURE THE LEVEL OF INVENTORY, AND COST OF GOODS SOLD. THIS CAN BE DONE ON A SPECIFIC PERIODIC BASIS. IT MAY BE DONE ON MONTHLY BASIS OR MAY BE ON QUARTERLY BASIS OR ON YEARLY BASIS AS DECIDED BY THE MANAGEMENT. AFTER PHYSICAL COUNT IS CONDUCTED WE GET THE AMOUNT OF CLOSING INVENTORY AVAILABLE ON A SPEFIC DATE.

THE WE USE EQUATION TO FIND OUT COST OF GOODS SOLD(COGS).

COGS = OPENING INVENTORY + PURCAHSE MADE DURING THE PERIOD - CLOSING INVENTORY.

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