Current Attempt in Progress Which of the following statements about periodic inventory systems is not true? Cost of goods sold is determined and recorded each time a sale is made. The inventory account is not updated for each purchase and sale. Detailed inventory records of the goods on hand throughout the period are not maintained in the Inventory account. A physical count is taken at the end of the period to determine the ending inventory balance.

Current Attempt in Progress Which of the following statements about periodic inventory systems is not true? Cost of goods sold is determined and recorded each time a sale is made. The inventory account is not updated for each purchase and sale. Detailed inventory records of the goods on hand throughout the period are not maintained in the Inventory account. A physical count is taken at, the end of the period to determine the ending inventory balance