When the Periodic Inventory System Is Used

question 38

Multiple Choice

When the periodic inventory system is used:

• A)operating profit from the sale of an item from inventory is known when the item is sold.
• B)gross profit from the sale of an item from inventory is known when the item is sold.
• C)cost of goods sold can be calculated by subtracting the ending inventory amount from the sum of beginning inventory and net purchases.
• D)the inventory account is adjusted on a daily basis throughout the year as inventory items are purchased and sold.

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Definitions:

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The Math class is a built-in class in many programming languages that provides a library of mathematical functions and constants, such as trigonometric, logarithmic, and exponential functions.

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Random Number

A number generated by a process, whose outcome is unpredictable, and which cannot be subsequently reliably reproduced.

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A command that can be carried out by the Java interpreter, like declaring a variable or invoking a method.