Summarize a periodic inventory system by selecting all of the correct statements below. (Check all that apply.) The Purchase Discounts account is used during the period. The Merchandise Inventory account is updated every time a sale is made. Cost of goods sold is computed at the end of the period. The Purchases account is used during the period. The Purchase Returns and Allowances account is used during the period. The Merchandise Inventory account is updated only at the end of the period. Whe company records a sale, it also records the cost of the goods sold. The in the Merchandise Inventory account remains the beginning balance until the end of the period.

In a periodic inventory system, the Merchandise Inventory account is updated only at the end of the period, meaning all transactions related to inventory are tracked separately during the period. Cost of goods sold is computed at the end of the period, allowing businesses to assess their inventory turnover and profitability at once, rather than in real-time. Additionally, the Purchases account is utilized during the period to record all inventory acquisitions, and the Purchase Returns and Allowances account is also active throughout the period to track any returns made. This systematic approach makes it easier for businesses to handle their inventory control without constant updates of the Merchandise Inventory account.