Identify each of the four statements shown below as true or false. In the account¬

ing records of a company using a perpetual inventory system: LO4 a The Inventory account will ordinarily remain unchanged until the end of an accounting period. .

b The Cost of Goods Sold account is debited with the sales price of merchandise c The Inventory account and the Cost of Goods Sold account will both normally have debit balances.

d The Inventory account and the Cost of Goods Sold account will normally have equal but offsetting balances.