49. Which of the following is a characteristic of a perpetual inventory system?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:49. Which of the following is
characteristic of a perpetual
inventory system? *
A. Inventory purchases are debited to a
purchase discount.
B. Inventory records are not kept for every
item.
C. Cost of goods sold is recorded with each
sale.
D. Cost of goods sold is determined as the
amount of purchases less the change in
inventory.
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