Which of the Following Statements Is Correct Regarding Either the Perpetual

question 96

Multiple Choice

Which of the following statements is correct regarding either the perpetual or periodic inventory systems?

• A)In a perpetual inventory system, the inventory account is not changed for each purchase during the accounting period.
• B)In a perpetual inventory system, cost of goods sold is recorded at the time of each sale during the accounting period.
• C)In a periodic inventory system, cost of goods sold is developed only from a comparison of beginning inventory and ending inventory.
• D)In a periodic inventory system, the inventory account is increased for each purchase during the accounting perioD.Cost of goods sold is debited when inventory is sold when using a perpetual inventory system.

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