Answer added by Shameer Nazir Madari, Assistant Finance Manager , METAL AND RECYCLING COMPANY K.S.C. (PUBLIC)4 years ago
a) Companies determine cost of goods sold only at the end of the accounting period.
Statement a) is True
Disadvantage of the periodic inventory system is that the exact amount of inventory shortage cannot be determined. The amount is buried in cost of goods sold.
The periodic inventory system is most useful for smaller businesses that maintain minimal amounts of inventory(A)
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