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Q1Under the periodic inventory system, the following effect may occur when the company keep large amount of ending inventory EXCEPT 1 Cost of Goods Sold will decrease 2 Gross profit will increase 3 Gross profit will decrease 4 No Answer Q2An inventory that keeps a running computerized record of merchandised inventory is called: 1 periodic inventory system 2 perpetual inventory system 3 merchandise inventory system 4 computerized inventory system Q3On 10 April, Garnier Packing Supplies purchased merchandise inventory worth RM156,000 on account. The credit terms was 3/10, n/30. On 12 April, Garnier returned RM11,000 of the merchandise due to damage during shipment. On 19 April, Garnier paid the amount due. 1 RM151,320 2 RM145.000 3 RM104,650 4 RM140.650 Q4The following statements explain about the periodic inventory system EXCEPT.... 1 Better control over large amount of inventory 2 Requires a physical count of inventory 3 Normally used for unique goods 4 Difficult for big size of merchandising business