12. MC.05-98 When purchases of merchandise are made on account with a perpetual inventory system, the transaction is recorded with which entry? A debit Merchandise Inventory; credit Purchases debit Merchandise Inventory; credit Cash Discounts debit Merchandise Inventory; credit Accounts Payable debit Accounts Payable; credit Merchandise Inventory 13. MC.06-60 The inventory method that assigns the most recent costs to cost of merchandise sold is A FIFO specific identification LIFO weighted average BC