Perpetual inventory system: The perpetual inventory system is that system of accounting the inventory in which the inventory is verified physically. This is done so that the lost and misplaced items are also recorded. The entries are made through merchandise accounts. The dollar value of the ending inventory using LIFO.

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Chapter 5, Problem 2MCQ

To determine

Perpetual inventory system:

The perpetual inventory system is that system of accounting the inventory in which the inventory is verified physically. This is done so that the lost and misplaced items are also recorded. The entries are made through merchandise accounts.

The dollar value of the ending inventory using LIFO.

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