2 years ago

Cost of goods sold is determined only at the end of the accounting period in.

Business

1 answer:

sladkih [1.3K]2 years ago

7 0

<h3>Answer:</h3>

Under the periodic inventory system.

What is periodic inventory system?

Under the periodic inventory system, the cost of goods sold determined at the end of an accounting period by adding the net cost of goods purchased to the beginning inventory and subtracting the ending inventory.

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The balance in ending retained earnings after closing can be calculated as follows:

Balance in retained earnings account before closing $297,000

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Less: Dividends $18,000

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