Below Is a List of Statements Relating to Inventory Systems

Below is a list of statements relating to inventory systems.Each statement describes a characteristic of the periodic and/or perpetual systems.Some statements relate to only one system,some statements relate to both systems,and some relate to neither system.Enter check marks in the blanks to indicate the appropriate system: (a statement may require one,two,or no check marks). $$\begin{array} { | l | l | l | } \hline & \text { Perpetual } & \text { Periodic } \\\hline & \text { Inventory } & \text { Inventory } \\\hline & \text { System } & \text { System } \\\hline \begin{array} { l } \text { (a) When an item is sold, two concurrent accounting } \\\text { entries are made for different amounts. }\end{array} & & \\\hline \begin{array} { l } \text { (b) Cost of goods sold is determined as a residual } \\\text { amount. }\end{array} & & \\\hline \begin{array} { l } \text { (c) At the end of the accounting period, two inventory } \\\text { entries usually must be made in the accounts. }\end{array} & & \\\hline \text { (d) A physical inventory count rarely, if ever, is taken. } & & \\\hline \begin{array} { l } \text { (e) More effective inventory control (such as of theft) is } \\\text { possible. }\end{array} & & \\\hline \begin{array} { l } \text { (f) The amount (balance) in the inventory account } \\\text { throughout the accounting period usually is the } \\\text { beginning inventory amount. }\end{array} & & \\\hline \begin{array} { l } \text { (g) Each purchase is debited to the inventory account } \\\text { throughout the accounting period. }\end{array} & & \\\hline \begin{array} { l } \text { (h) Inventory amounts are determined by actual count. }\end{array} & \\\hline \begin{array} { l } \text { (i) Purchases of merchandise are not debited to the } \\\text { inventory account throughout the period. }\end{array} & & \\\hline \begin{array} { l } \text { (j) The method which usually involves more detailed } \\\text { record keeping. }\end{array} & & \\\hline \begin{array} { l } \text { (k) Inventory amounts are determined from the detailed } \\\text { inventory records. }\end{array} & & \\\hline \begin{array} { l } \text { (1) Only one accounting entry is made when an item is } \\\text { sold. }\end{array} & & \\\hline \begin{array} { l } \text { (m) Only one accounting entry is made to record a } \\\text { purchase of merchandise. }\end{array} & & \\\hline \begin{array} { l } \text { (n) Only one accounting entry is made to record a } \\\text { purchase of merchandise. }\end{array} & & \\\hline\end{array}$$