Inventory for a business using the periodic inventory system appears on the:
A)balance sheet and statement of owner's equity, respectively.
B)statement of owner's equity and income statement, respectively.
C)balance sheet and income statement, respectively.
D)income statement and cash flow statement, respectively.

Question

Quizplus · Accepted Answer

Inventory appears on the balance sheet as a current asset and on the income statement as part of the cost of goods sold calculation.

Inventory for a Business Using the Periodic Inventory System Appears