Intermediate Accounting 7 Inventories Periodic Inventory Systems Cost of Goods Sold is determined and Inventory is adjusted to proper balance at period end All purchases of inventoriable merchandise are recorded in the purchases account Ending inventory is determined by physical count of merchandise on handPeriodic Inventory Systems Intermediate Accounting 7 Inventories ➢ Cost of Goods Sold is determined and Inventory is adjusted to proper balance at period end. ➢ All purchases of inventoriable merchandise are recorded in the Purchases account. ➢ Ending inventory is determined by physical count of merchandise on hand