In a periodic inventory system,the Inventory and Cost of Goods Sold accounts are kept up-to-date throughout the accounting period.

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In a periodic inventory system, the Inventory and Cost of Goods Sold accounts are not updated throughout the accounting period. Instead, they are adjusted at the end of the period based on a physical count of inventory on hand and the cost of goods sold during the period.

In a Periodic Inventory System,the Inventory and Cost of Goods