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All descriptions reveal the characteristics of a periodic inventory system, except:* 2 points A. Merchandise Inventory account is set up at the beginning and ending
All descriptions reveal the characteristics of a periodic inventory system, except:*
2 points
A. Merchandise Inventory account is set up at the beginning and ending of accounting period
B. Inventory record is always up to date
C. Cost of goods sold is determined at the end of the reporting period
D. Purchases are recorded at cost
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