In a Periodic Inventory System,cost of Goods Sold Is the Account

question 14

True/False

In a periodic inventory system,cost of goods sold is the account credited when there is unrealised profit in closing inventories from a previous year.

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Definitions:

CPI

A metric known as the Consumer Price Index evaluates the overall weighted pricing of a range of consumer items and services, covering areas such as healthcare, food, and transportation.

Raise

An increase in salary or wages.

Weakens

To become lesser in strength, value, or severity.

US$

The United States dollar, the official currency of the United States of America.