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When the periodic inventory system is used: Multiple Choice operating profit from the sale of...

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Accounting

When the periodic inventory system is used:
Multiple Choice
operating profit from the sale of an item from inventory is known when the item is sold.
gross profit from the sale of an item from inventory is known when the item is sold.
cost of goods sold can be calculated by subtracting the ending inventory amount from the sum of beginning inventory and net purchases.
the inventory account is adjusted on a daily basis throughout the year as inventory items are purchased and sold.
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