Cost Of Goods Sold In The Periodic Inventory System

How do you calculate cost of goods sold if you are using the periodic inventory method of accounting for merchandise. The income statement of a merchandise business includes, in the revenue section, a separate set of steps that are the calculation of: goods available for sale, cost of gods sold and gross profit. The merchandise inventory section of the income statement reflects the end of period adjustment to inventory asset, cost of goods sold, and the purchases account. This was how most merchandise companies would find cost of goods sold by only counting their inventory 1 time each accounting cycle.  You will have the most clear understanding of the profit and loss report of a company that sells goods and a common sense understanding of the end-of-period inventory adjustment for ending inventory and beginning inventory so that the general ledger accounts have the same numbers that are reported on the statement.

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