under the system the ending inventory and cost of goods sold are determined at the end of the accounting period, when a physical inventory is taken. ________________
under the system the ending inventory and cost of goods sold are determined at the end of the accounting period, when a physical inventory is taken. ________________
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter11: Work Sheet And Adjusting Entries
Section: Chapter Questions
Problem 6DQ: Why is it necessary to adjust the Merchandise Inventory account under a periodic inventory system?
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under the system the ending inventory and cost of goods sold are determined at the end of the accounting period, when a physical inventory is taken. ________________
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