B215 Lesson 5 Preclass Microlearning Quizizz

Inventory is reported as a _______ asset on a company's 'Statement of Financial Position'.

Cost of goods sold is classified as an _______ and it is reported in the 'Statement of Comprehensive

Income'.

The ____ System updates inventory IMMEDIATELY when goods are sold or purchased.

• Periodic

• Perpetual

The ___ System updates inventory and cost of goods sold only AT THE END OF A PERIOD.

• Periodic

• Perpetual

A company has total sales revenue of $15,000 and the cost of goods sold is $9,000. Calculate the gross profit.