1. In a perpetual inventory system, the cost of purchases is debited to: A. Purchases. B. Cost of goods sold. C. Inventory. D. Accounts payable. 2. In a periodic inventory system, the cost of purchases is debited to: A. Purchases. B. Cost of goods sold. C. Inventory. D. Accounts payable. 3. In a perpetual inventory system, the cost of inventory sold is: A. Debited to accounts receivable. B. Credited to cost of goods sold. C. Debited to cost of goods sold. D. Not recorded at the time. 4. In a periodic inventory system, the cost of inventories sold is: A. Debited to accounts receivable. B. Credited to cost of goods sold. C. Debited to cost of goods sold. D. Not recorded at the time of sale.