12 **Remaining Time:** 1 hour, 23 minutes, 49 seconds.**Question Completion Status:**⚠️ Moving to another question will save this response.**Question 12**A perpetual inventory system will always give updated balances for:- ○ Goods Available for Sale and Sales Revenue.- ○ Accounts Receivable and Inventory.- ○ Inventory and Cost of Goods Sold.- ○ Inventory and Sales Revenue.⚠️ Moving to another question will save this response.

Perpetual inventory system is a type of inventory system in which all transactions related to inventory like purchases and sales are recorded in inventory accounts on real time basis. Under perpetual system, at the time of sale, cost of goods sold is charged with inventory. For example, company sold goods to customer for $10,000 (costing $8000) on account. To record this under perpetual system, Accounts Receivable should be debited and Sales should be credited with $10,000. Cost of goods sold will be debited and Inventory account is credited with $8000. So, cost of goods sold and inventory account will always show updated balance in perpetual inventory system. So, third choice is correct.