In a periodic inventory system: Multiple choice question. no entry is made at the time of sale, and all sales are accounted for at the end of the accounting period. an assumption is made that all inventory will be sold before the end of the period, and none will be on hand at the end of that period. cost of goods sold for each sale is recorded at the time of the sale. determining cost of goods sold is deferred to the end of the accounting period and is based on the amount of inventory on hand