The two basic approaches to accounting for inventory and the cost of goods sold are the perpetual inventory system and the periodic inventory system. Indicate which of the following statements are correct. (More than one answer may be correct.)

a. Most large merchandising companies and manufacturing businesses use periodic inventory systems.

b. As a practical matter, a grocery store or a large department store could not maintain a perpetual inventory system without the use of point-of-sale terminals.

c. In a periodic inventory system, the cost of goods sold is not determined until a complete physical inventory is taken.

d. In a perpetual inventory system, the Cost of Goods Sold account is debited promptly for the cost of merchandise sold.