Select all that apply Name the temporary accounts used to record the costs of merchandise purchased in a periodic inventory system. (Check all that apply) Purchases Transportation-in Purchase returns and allowances Merchandise inventory discounts Cost of goods sold Damaged purchases

In a periodic inventory system, temporary accounts used to record the costs of merchandise purchased include Purchases, Transportation-in, and Purchase returns and allowances. These accounts are crucial as they help track the total costs associated with acquiring inventory before calculating the cost of goods sold at the end of the accounting period. While Cost of Goods Sold is usually a temporary account, it is calculated at the end of the period rather than directly recording merchandise purchases. Damaged purchases would not be a separate account in this context, as they might be reflected in purchase returns or recorded as a loss. Remember that using these accounts properly can significantly ease your inventory management process!