Under a Perpetual Inventory System

question 109

Multiple Choice

Under a perpetual inventory system:

• A) there must be a physical count to determine the amount of the ending inventory.
• B) there must be a physical count to determine the cost of goods sold.
• C) the inventory records must be updated manually.
• D) it can be readily determined if there is a sufficient supply of inventory on hand.

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Definitions:

Social Status

The position or rank of a person or group within the social hierarchy, determined by various factors including occupation, education, wealth, and heritage.

Necessary

A requirement or essential component that is needed for something to happen or be achieved.

Gym Membership

A contractual arrangement where a person pays a fee to access and use a gym's facilities and services.

Procedural Unconscionability

Procedural unconscionability refers to unfairness in the manner a contract was formed, which can include lack of negotiation or understanding of terms.