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    Ngân Võ Trần Tuyết
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    Cost of goods sold is not recorded at the time of sale under a periodic inventory system. Instead, the cost of goods sold is calculated periodically, such as at the end of each month, by figuring out the beginning inventory, adding new purchases, and subtracting the ending inventory. This periodic system means that the income statement may not match the timing of actual sales.

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    Cost of goods sold is not recorded at the time of sale under a periodic inventory system. Instead, the cost of goods sold is calculated periodically, such as at the end of each month, by figuring out the beginning inventory, adding new purchases, and subtracting the ending inventory. This periodic system means that the income statement may not match the timing of actual sales.

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    © All Rights Reserved
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    13 views18 pages

    Untitled

    Uploaded by

    Ngân Võ Trần Tuyết
    Cost of goods sold is not recorded at the time of sale under a periodic inventory system. Instead, the cost of goods sold is calculated periodically, such as at the end of each month, by figuring out the beginning inventory, adding new purchases, and subtracting the ending inventory. This periodic system means that the income statement may not match the timing of actual sales.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 18

    )

    No entry is recorded for cost of goods sold at time of sale


    under a periodic system.

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