In a Periodic Inventory System

Multiple Choice

In a periodic inventory system,

A) the Inventory and Cost of Goods Sold accounts are updated continuously.
B) temporary accounts, such as Purchases and Purchase Discounts, are used.
C) the value of individual items of inventory is usually quite large.
D) a purchase of goods would require a debit to Inventory and a credit to either Cash or Accounts Payable..
E) an entry is made for cost of goods sold expense when goods are sold to customers.