Which inventory system records both sales and cost of goods sold at the point of sale? Group of answer choices Periodic LIFO Perpetual FIFO
Which inventory system records both sales and cost of goods sold at the point of sale? Group of answer choices Periodic LIFO Perpetual FIFO
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Which inventory system records both sales and cost of goods sold at the point of sale?
Group of answer choices
Periodic
LIFO
Perpetual
FIFO
Expert Solution
Step 1
There are different types of inventory system being used depending the record of pricing and record of cost of goods sold.
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