When Using a Periodic Inventory System, Which Statement Concerning the Computation

question 65

Multiple Choice

When using a periodic inventory system, which statement concerning the computation of cost of goods sold is correct?

• A)The amount of ending inventory is determined on the last day of the accounting period.
• B)Cost of goods available for sale includes net purchases plus the ending inventory.
• C)Purchases represent cash paid for purchases during the accounting period.
• D)Freight-in is ignored.

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