Under the periodic inventory system, the journal entry to record the cost of goods sold at the point of sale will include which of the following?

A) none of these
B) Cost of Goods Sold
C) Inventory
D) Purchases

Periodic Inventory System

An inventory system where updates to inventory levels are made on a periodic basis rather than continuously.

Cost of Goods Sold

Cost of Goods Sold (COGS) refers to the direct costs attributable to the production of the goods sold by a company, including materials and labor.

Purchases

The total amount of goods and materials acquired by a business for the purpose of resale or production during a specific accounting period.