Which of the following statements about a pe- riodic inventory system is true?

(a) Cost of goods sold is determined only at the end of the accounting period.

(b) Detailed records of the cost of each inven- tory purchase and sale are maintained con- tinuously.

(c) The periodic system provides better control over inventories than a perpetual system.

(d) The increased use of computerized systems has increased the use of the periodic system.

AppendixLO1