BAF Merchandising Fill-in-the-Blank

The final inventory figure appears on the balance sheet and on the________ .

With a periodic inventory system, the ____ is not known until it is calculated at the end of the fiscal period.

The COGS figure is calculated using a ________.

The value of the COGAS is found by adding two account balances: Inventory and __________.

The trial balance created at the end of the year will show the ________ value of the Inventory account.

In a periodic inventory system, the ending inventory value must be found by physically _______ the goods that are left at the end of the fiscal period.

Merchandise purchased during the fiscal period is debited to the _______ account.

The purchases account is a(n) ______ account.

If merchandise is purchased on account, the account debited is ___________.

For a merchandising business, the revenue account is usually called _______.