In a Periodic Inventory System, the Cost of Goods Sold

question 79

Multiple Choice

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

• A) Multiplying net sales for the period by a cost ratio.
• B) Journal entries made at the time of each sales transaction.
• C) Physically counting the quantities of merchandise sold each day, and determining the cost of these items at year-end.
• D) Subtracting the cost assigned to the ending inventory from the cost of goods available for sale during the period.

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