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Question 24 2.5 pts What inventory method is used when the inventory balance is updated...

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Accounting

Question 24 2.5 pts
What inventory method is used when the inventory balance is updated only at the end of the accounting period?
Income Summary
Perpetual
Cost of Goods Sold
Periodic
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Question 25 2.5 pts
When using a periodic inventory method, what account is increased when you buy merchandise inventory?
Beginning Inventory
Supplies
Purchases
Cost of Goods Sold
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Question 26 2.5 pts
Cost of Goods Sold equals:
Beginning Inventory - Net Purchases + Freight-in + Ending Inventory.
Beginning Inventory + Net Purchases + Freight-in - Ending Inventory.
Beginning Inventory + Net Purchases + Freight-in + Freight-out + Ending Inventory.
Beginning Inventory - Net Purchases - Freight-in + Ending Inventory.
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Question 27 2.5 pts
Net Income equals:
Net Sales - Cost of goods sold - Operating expenses.
Gross Profit - Operating expenses.
All of the above are correct.
Sales - Sales Returns & Allowances - Sales Discount - Cost of goods sold - Operating Expenses.

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