What Inventory Method Is Used When the Inventory Balance Is

question 122

Multiple Choice

What inventory method is used when the inventory balance is updated only at the end of the accounting period?

• A) Periodic
• B) Perpetual
• C) Net Income
• D) Cost of Goods Sold

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Definitions:

Cranial Cavity

The space within the skull that houses the brain, lined by the meninges and protective in function.

Thigh

The area of the human leg between the hip and the knee.

Knee

A complex hinge joint that connects the thigh bone (femur) to the shin bone (tibia), allowing for flexion, extension, and limited rotation of the leg.

Serous Membrane

A thin, double-layered membrane that covers internal organs and body cavities, producing a lubricating serous fluid to reduce friction.