PERPETUAL AND PERIODIC INVENTORY SYSTEMS Below is a list of inventory systems options:

a. Perpetual inventory system

b. Periodic inventory system

c. Both perpetual and periodic inventory systems Required:

Match each option with one of the following:

. Inventory purchases are recorded in a purchases account.

. Inventory purchases are recorded in an inventory account.

. Only revenue is recorded as sales are made during the period; the cost of goods sold is recorded at the end of the period.

. Both revenue and cost of goods sold are recorded during the period as sales are made.
. Cost of goods sold is determined as each sale is made.
. Cost of goods sold is determined only at the end of the period by subtracting the cost of ending inventory from the cost of goods available for sale.
. The inventory is verified by a physical count.
Exercise