Merchandise purchased for resale under the periodic inventory method is added to:
A)Merchandise Inventory.
B)Sales.
C)Purchases.
D)Inventory Expense.

Question

Quizplus · Accepted Answer

Merchandise purchased for resale under the periodic inventory method is added to Purchases account. This account is used to record the cost of all goods purchased during the period that have not yet been sold.

Merchandise Purchased for Resale Under the Periodic Inventory Method Is