Click to watch the Tell Me More Learning Objective $7$ video and then answer the questions below.

$1.$ Which of the following accounts is NOT used in the closing process under the periodic inventory system?

a$.$ Cost of Goods Sold

b$.$ Purchases

c$.$ Purchases Discounts

d$.$ Estimated Returns Inventory

$2.$ Which of the following is true about the periodic inventory system?

a$.$ A physical count of inventory is taken at the end of the period.

b$.$ Purchases of inventory are recorded in the inventory account.

c$.$ Purchases returns are recorded in the purchases account.

d$.$ There is a detailed record of the amount of inventory on hand at any given time.