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21. Which of the following is true of perpetual inventory system? A. Two journal entries are recorded simultaneously when a sale occurs. B. The implementation

21. Which of the following is true of perpetual inventory system?

A. Two journal entries are recorded simultaneously when a sale occurs.

B. The implementation of perpetual inventory system incurs less cost.

C. Ending inventory is only ever determined by a physical count.

D. Cost of Goods sold is calculated by a formula.

22. Which of the following is not true of perpetual inventory system?

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