1. Which of the following ng statements regarding the periodic and perpetual inventory methods is true re ic inventory system keeps detailed inventory records of the inventory on hand throughout A. the period. A perpetual inventory system does not track the change in the inventory account as a result of a sale. B. C. A perpetual inventory system does not record the cost of goods sold each time a sale occurs. A periodic inventory system does not track the cost of goods sold during the accounting period. A perpetual inventory system does not take a physical count of inventory at the end of the D. E. accounting period. 2. Boron Company has sales of $57,000, beginning inventory of $6.000, purchases of $32,000, and ending inventory of $2,000. The cost of goods sold is: A. $36,000. B. $32,000. C. $38,000. D. $24,000. E. $21,000 3. Cost of goods sold is a(n) A. asset account. B. contra-asset account. C. expense account D. contra-revenue account. E. liability. The Tuck Shop began the current month with inventory costing S52 000, then purchased inventory at a cost of $158,000. The perpetual inventory system indicates that inventory costing $151,240 was sold during the month for $184,000. If an inventory count shows that inventory costing $56,800 is actually on hand at month-end, what amount of shrinkage occurred during the month? 4 A. $26,000 B. $56,780 C. $58,760 D. $1,960