In a periodic inventory system, the cost of goods sold is:

In a periodic inventory system, the cost of goods sold is: Multiple Choice Recorded as sales transactions occur. Determined by a computation which is performed at year-end, after the taking of a complete physical inventory. Equal to the beginning inventory, plus purchases made during the period, less sales revenue for the period. O Determined by subtracting the balance in the Gross Profit account from the amount of net sales