Financial and Managerial Accounting Study Set 2
Under the Perpetual Inventory System,cost of Goods Sold Is Not
Under the perpetual inventory system,cost of goods sold is not recorded until the end of the accounting period.
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Ending merchandise inventory for LIFO will be the same dollar amount under a periodic inventory system as under a perpetual inventory system.
When the average-cost method is applied to a perpetual inventory system,the sale and purchase of goods will change the unit cost of the goods that remain in inventory.
When the average-cost method is applied to a perpetual inventory system,a moving average cost per unit is computed with each purchase.
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