Which of the following is a true statement about inventory systems?
A) Periodic inventory systems require more detailed inventory records.
B) Perpetual inventory systems require more detailed inventory records.
C) A periodic system requires cost of goods sold be determined after each sale.
D) A perpetual system is specifically designed for companies that sell low unit-value items.

Question

Quizplus · Accepted Answer

Perpetual inventory systems maintain continuous, real-time records of inventory and cost of goods sold, requiring more detailed and up-to-date inventory records compared to periodic inventory systems, which update inventory records at specific intervals.

Which of the Following Is a True Statement About Inventory