Summarize a periodic inventory system by selecting all of the correct statements below. (Check all that apply.)
Multiple select question.
Cost of goods sold is computed at the end of the period.
When a company records a sale, it also records the cost of the goods sold.
The balance in the Merchandise Inventory account remains the beginning balance until the end of the period.
The Purchases account is used during the period.
The Purchase Discounts account is used during the period.
The Merchandise Inventory account is updated only at the end of the period.
The Purchase Returns and Allowances account is used during the period.
The Merchandise Inventory account is updated every time a sale is made.
