Under the Periodic Inventory System

Multiple Choice

Under the periodic inventory system

A) the cost of each item is recorded in the Merchandise Inventory account when it is purchased.
B) when an inventory item is sold,its cost is transaferred to the Cost of Goods Sold account.
C) the balance of the Merchandise Inventory account equals the cost of goods on hand.
D) the balance of the Merchandise Inventory account is only accurate on the balance sheet date.