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22. Which of the following is not true of perpetual inventory system? A. Two journal entries are recorded simultaneously when a sale occurs. B. Cost

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

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

B. Cost of Goods sold is calculated by a formula

C. Purchases of inventory are debited to an Inventory account.

D. The computer software keeps a running record of inventory on hand.

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